NEW YORK, March 20 /PRNewswire-FirstCall/ -- CBS Corporation (NYSE: CBS; CBS.A) today announced the pricing of a $700 million retail debt offering of 6.75% senior notes due 2056 at a price equal to 100% of the principal amount thereof. CBS Corporation expects to use the net proceeds of the offering to repay a portion of its senior notes due in May 2007 and for general corporate purposes.
The joint lead and joint book managers for the offering are Citigroup Global Markets Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated. Morgan Stanley & Co. Incorporated, UBS Securities LLC and Wachovia Capital Markets, LLC are senior co-managers on the deal.
CBS Corporation's senior unsecured debt is currently rated BBB by Standard & Poor's, Baa3 by Moody's Investors Service and BBB by Fitch.
A prospectus can be obtained by contacting CBS Corporation Investor Relations at 1-877-CBS-0787 (1-877-227-0787) or 212-975-6450 or emailing
CBS Corporation is a mass media company with constituent parts that reach back to the beginnings of the broadcast industry, as well as newer businesses that operate on the leading edge of the media industry. The Company, through its many and varied operations, combines broad reach with well-positioned local businesses, all of which provide it with an extensive distribution network by which it serves audiences and advertisers in all 50 states and key international markets. It has operations in virtually every field of media and entertainment, including broadcast television (CBS and The CW - a joint venture between CBS Corporation and Warner Bros. Entertainment), cable television (Showtime and CSTV Networks), local television (CBS Television Stations), television production and syndication (CBS Paramount Network Television and CBS Television Distribution), radio (CBS Radio), advertising on out-of-home media (CBS Outdoor), publishing (Simon & Schuster), interactive media (CBS Interactive), music (CBS Records), licensing and merchandising (CBS Consumer Products), video/ DVD (CBS Home Entertainment) and motion pictures (CBS Feature Films).
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