CBS CORPORATION ANNOUNCES $.75 BILLION SENIOR NOTES OFFERING

CBS CORPORATION ANNOUNCES $1.75 BILLION SENIOR NOTES OFFERING Published on: 08/11/2014 | All 2014 Press Releases

CBS Corporation (NYSE: CBS.A and CBS) today announced the pricing of a debt offering of $600 million of 2.3% senior notes due 2019, $600 million of 3.7% senior notes due 2024, and $550 million of 4.9% senior notes due 2044.

CBS intends to use the net proceeds from this offering to fund its cash tender offer for any and all of its $600 million outstanding aggregate principal amount of 8.875% senior notes due 2019; $224.3 million outstanding aggregate principal amount of 7.875% debentures due 2023; $1.25 billion outstanding aggregate principal amount of 7.875% senior debentures due 2030; and $52.2 million outstanding aggregate principal amount of 7.125% senior notes due 2023 of CBS Broadcasting Inc., a wholly owned subsidiary of CBS Corporation. The remaining net proceeds, if any, will be used to repurchase, redeem, or repay other outstanding indebtedness, including commercial paper and some or all of the Company's remaining 8.875% senior notes due 2019, and for general corporate purposes.

The joint book managers for the offering are Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, and RBS Securities Inc.

A prospectus can be obtained by contacting CBS Investor Relations by telephone at (877) CBS-0787 or (212) 975-6465 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 in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

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 our 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; and other factors described in CBS Corporation's news releases and filings with the SEC including, but not limited to, its 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, we do 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 has businesses with origins that date back to the dawn of the broadcasting age as well as new ventures that operate on the leading edge of media. CBS owns the most-watched television network in the U.S. and one of the world's largest libraries of entertainment content, making its brand the Eye one of the most recognized in business. The Company's operations span virtually every field of media and entertainment, including cable, publishing, radio, local TV, film, and interactive and socially responsible media. CBS's businesses include CBS Television Network, The CW (a joint venture between CBS Corporation and Warner Bros. Entertainment), CBS Television Studios, CBS Global Distribution Group (CBS Studios International and CBS Television Distribution), CBS Consumer Products, CBS Home Entertainment, CBS Films, CBS Interactive, Showtime Networks, CBS Sports Network, TVGN (a joint venture between CBS Corporation and Lionsgate), Smithsonian Networks, Simon & Schuster, CBS Television Stations, CBS Radio and CBS EcoMedia. For more information, go to www.cbscorporation.com.

LINK:	http://www.cbscorporation.com/news-article.php?id=1073...
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