CBS Corp. Announces $1.75 Billion Senior Note Offering

Offering

CBS CORP. has announced a $1.75 billion offering of senior notes.  The offering includes $600 million of 2.300% senior notes due 2019, $600 million of 3.700% senior notes due 2024, and $550 million of 4.900% senior notes due 2044.

Net proceeds from the offering will be used to fund CBS' cash tender offer for its $600 million outstanding aggregate principal amount of 8.875% senior notes due 2019; $224.3 million of 7.875% debentures due 2023; $1.25 billion of 7.875% senior debentures due 2030; and $52.2 million of 7.125% senior notes due 2023 of subsidiary CBS BROADCASTING INC., with remaining net proceeds, if any, used to pay off other outstanding indebtedness and for general corporate purposes.

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