CBS Corporation (NYSE: CBS.A and CBS) today announced the pricing of a private debt offering of $400 million of 2.900% senior notes due 2023 and $500 million of 3.700% senior notes due 2028. The sale of the notes is expected to close on November 16, 2017, subject to customary closing conditions.
After deducting fees and expenses related to this offering, CBS intends to use the net proceeds to redeem all of the Company's $500 million outstanding aggregate principal amount of 5.75% senior notes due April 15, 2020. The remaining net proceeds will be used for general corporate purposes, which may include, among other purposes, discretionary contributions to CBS qualified pension plans or the repayment of short-term borrowings, including commercial paper.
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. For more information, go to www.cbscorporation.com.