CBS Corporation Announces $800 Million Senior Notes Offering

CBS Corporation Announces $800 Million Senior Notes Offering

NEW YORK, July 7, 2015 /PRNewswire/ -- CBS Corporation (NYSE: CBS.A and CBS) today announced the pricing of a debt offering of $800 million of 4.00% senior notes due 2026. The sale of the senior notes is expected to close on July 10, 2015, subject to customary closing conditions.

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 BNP Paribas Securities Corp., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Mizuho Securities USA Inc., and Morgan Stanley & Co. 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 or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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 the Company's 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, the Company's 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, CBS Corporation does 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's operations span virtually every field of media and entertainment, including broadcast television, cable networks, content production and distribution, film, publishing, local TV and radio stations, and interactive and socially responsible media.

SOURCE CBS Corporation

CBS Corporation

CONTACT: Press Contact: Dana McClintock, (212) 975-1077, dlmcclintock@cbs.com, Judy DeHaven, (212) 975-1942, jdehaven@cbs.com, Investor Contacts: Adam Townsend, (212) 975-5292, adam.townsend@cbs.com, Jessica Kourakos, (212) 975-6106, jessica.kourakos@cbs.com

Web Site: http://www.cbscorporation.com


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