By Paul A. Harris
Portland, Ore., Oct. 7 – CBS Radio Inc. priced a downsized $400 million issue of eight-year senior notes (B3/B-) at par to yield 7¼% on Friday, according to a market source.
The issue size was decreased from $460 million, with $60 million of proceeds shifted to the concurrent bank loan, raising the loan size to $1.06 billion from $1 billion.
The yield printed on top of revised yield talk. Earlier talk had the deal coming in the 7½% area.
Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Citigroup Global Markets Inc., BofA Merrill Lynch, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. and Wells Fargo Securities LLC were the joint bookrunners.
Proceeds, along with proceeds from concurrent bank debt, will be used to fund a distribution to CBS Corp. in connection with its spinoff of CBS Radio. Remaining proceeds will be used for general corporate purposes and ongoing cash needs.
| Issuer: | CBS Radio, Inc.
|
| Amount: | $400 million
|
| Maturity: | Nov. 1, 2024
|
| Securities: | Senior notes
|
| Bookrunners: | Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Citigroup Global Markets Inc., BofA Merrill Lynch, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., Wells Fargo Securities LLC
|
| Coupon: | 7¼%
|
| Price: | Par
|
| Yield: | 7¼%
|
| Call protection: | Three years
|
| Trade date: | Oct. 7
|
| Settlement date: | Oct. 17
|
| Ratings: | Moody's: B3
|
| S&P: B-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 7¼%, revised from 7½% area
|
| Marketing: | Roadshow
|
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