CBS Corporation Announces $1.2 Billion Senior Notes Offering

Jan
07
2015

NEW YORK, Jan. 7, 2015 /PRNewswire/ -- CBS Corporation (NYSE: CBS.A and CBS) today announced the pricing of a debt offering of $600 million of 3.50% senior notes due 2025 and $600 million of 4.60% senior notes due 2045.

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 managers for the offering are Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, and Wells Fargo Securities, 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 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 Interactive, CBS Films, 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.

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SOURCE CBS Corporation

Press Contact: Dana McClintock, (212) 975-1077, dlmcclintock@cbs.com; Investor Contacts: Adam Townsend, (212) 975-5292, adam.townsend@cbs.com or Jessica Kourakos, (212) 975-6106, jessica.kourakos@cbs.com