CBS tallies final tenders of $802.51 million for four note series

By Toni Weeks

San Luis Obispo, Calif., Aug. 19 – CBS Corp. announced it took in tenders for $802.51 million, or 37.74%, of its outstanding $2,126,453,000 of four notes series in its tender offer that expired at 5 p.m. ET on Aug. 18.

Specifically, the company accepted for purchase tenders for

• $335.75 million, or 55.96%, of its $600 million of 8.875% senior notes due 2019;

• $37.27 million, or 16.62%, of its $224,268,000 of 7.875% debentures due 2023;

• $423,187,000, or 33.85%, of its $1.25 billion of 7.875% senior debentures due 2030; and

• $6,303,000, or 12.08%, of its $52,185,000 of 7.125% senior notes due 2023 issued by CBS Broadcasting Inc., a wholly owned subsidiary.

As previously reported, pricing for each $1,000 principal amount was set at 2 p.m. ET on Aug. 18 using the yield on the bid-side price of a reference security plus a fixed spread as follows:

• $1,296.57 for the 8.875% notes based on the 3.125% U.S. Treasury notes due May 15, 2019 to yield 1.539% plus 70 basis points;

• $1,306.25 for the 7.875% notes based on the 2.5% U.S. Treasury notes due May 15, 2024 to yield 2.381% plus 145 bps;

• $1,368.11 for the 7.875% notes based on the 3.375% U.S. Treasury notes due May 15, 2044 to yield 3.193% plus 140 bps; and

• $1,253.24 for the 7.125% notes based on the 2.5% U.S. Treasury notes due May 15, 2024 to yield 2.381% plus 145 bps.

The company also will pay accrued interest up to but excluding the settlement date of Aug. 20.

BofA Merrill Lynch (888 292-0070 or 980 387-3907 collect), Credit Suisse Securities (USA) LLC (800 820-1653 or 212 538-2147 collect) and Deutsche Bank Securities Inc. (866 627-0391 or 212 250-2955 collect) were the dealer managers. D.F. King & Co., Inc. (800 549-6697 or email at cbs@dfking.com) was the depositary and information agent.

CBS is a broadcasting company based in New York.

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