CBS Corporation to Raise $800 Million for Stock Repurchase Plan

Company will offer senior notes due 2026 to partially pay down short-term borrowings, including commercial paper

Last Updated: July 7, 2015 @ 11:50 AM

CBS Corporation is raising $800 million for what the company calls “general corporate purposes.”

After deducting fees and expenses, the money will go towards CBS’ share repurchase program and the repayment of short-term borrowings, such as commercial paper.

The debt offering comes with an interest rate of 4 percent, and the notes will be due 2026.

The sale of the senior notes is expected to close on July 10, 2015, subject to customary closing conditions.

The joint book managers for the offering are BNP Paribas Securities Corp., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Mizuho Securities USA Inc., and Morgan Stanley & Co. LLC.

The Les Moonves-led network next reports its quarterly earnings on August 5.