NEW YORK, July 6, 2016 /PRNewswire/ -- CBS Corporation
(NYSE: CBS.A and CBS) today announced the pricing of a debt
offering of $700 million of 2.90%
senior notes due 2027. The sale of the senior notes is expected to
close on July 11, 2016, subject to
customary closing conditions.
After deducting fees and expenses related to this offering, CBS
intends to use the net proceeds for general corporate purposes
including, among other things, the repurchase of shares of CBS's
outstanding common stock pursuant to the Company's authorized share
repurchase program and the repayment of short-term borrowings,
including commercial paper.
The joint book-running managers for the offering are Citigroup
Global Markets Inc., J.P. Morgan Securities LLC, Mizuho Securities
USA Inc., and RBC Capital Markets,
LLC.
A prospectus can be obtained by contacting CBS Investor
Relations by telephone at (877) CBS-0787 or by email at
investorrelations@cbs.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation, or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
Disclosure Notice
Certain statements in this
release are "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements are subject to risks and uncertainties
that may cause actual results to differ materially from those
indicated in the forward-looking statements. Important factors that
could cause actual results to differ materially from the Company's
expectations include, without limitation: changes in legislation,
tax rules or market conditions; other domestic and global economic,
business, competitive and/or regulatory factors affecting CBS
Corporation's businesses; the ability to achieve the separation of
the Company's radio business on terms that the Company finds
acceptable; and other factors described in CBS Corporation's
news releases and filings with the SEC including, but not limited
to, the Company's most recent Forms 10-K, 10-Q and 8-K. You should
not place undue reliance on these forward-looking statements, which
apply only as of the time of this news release. Except to the
extent required by applicable securities laws, CBS Corporation does
not undertake any obligation to update any forward-looking
statements contained in this release as a result of new information
or future events or developments.
About CBS Corporation
CBS Corporation (NYSE: CBS.A
and CBS) is a mass media company that creates and distributes
industry-leading content across a variety of platforms to audiences
around the world. The Company's operations span virtually every
field of media and entertainment, including broadcast television,
cable networks, content production and distribution, film,
publishing, local TV and radio stations, and interactive and
socially responsible media.
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SOURCE CBS Corporation