Published on 3/30/2010 in the Prospect News Investment Grade Daily.
New Issue: CBS prices $500 million 5.75% 10-year senior notes to yield 190 bps over Treasuries
By Sheri Kasprzak
New York, March 30 - CBS Corp. sold $500 million 5.75% 10-year senior notes on Tuesday, according to a term sheet.
The notes (Baa3/BBB-/BBB) were priced at 99.877 to yield 5.766%, or 190 basis points over Treasuries.
The notes include a make-whole call at 30 bps over Treasuries.
Deutsche Bank Securities Inc., Morgan Stanley & Co. Inc. and RBS Securities Inc. were the active bookrunners for the sale, with Bank of America Merrill Lynch and UBS Investment Bank as passive bookrunners.
Credit Suisse Securities (USA) LLC, Daiwa Securities America Inc., Goldman, Sachs & Co., Scotia Capital (USA) Inc. and Wells Fargo Securities, LLC were senior co-managers. BNY Mellon Capital Markets, LLC, Lloyds TSB Bank plc, Mizuho Securities USA Inc., SG Americas Securities, LLC and U.S. Bancorp Investments, Inc. were co-managers.
Proceeds from the offering will be used for general corporate purposes, including the repayment of borrowings, for working capital, for capital expenditures, for acquisitions and for stock repurchases.
CBS, based in New York City, is a broadcasting and media conglomerate.
| Issuer: | CBS Corp.
|
| Issue: | Senior notes
|
| Amount: | $500 million
|
| Maturity: | April 15, 2020
|
| Bookrunners: | Deutsche Bank Securities Inc., Morgan Stanley & Co. Inc., RBS Securities Inc. (active), Bank of America Merrill Lynch, UBS Investment Bank (passive)
|
| Co-managers: | Credit Suisse Securities (USA) LLC, Daiwa Securities America Inc., Goldman, Sachs & Co., Scotia Capital (USA) Inc., Wells Fargo Securities, LLC (senior), BNY Mellon Capital Markets, LLC, Lloyds TSB Bank plc, Mizuho Securities USA Inc., SG Americas Securities, LLC, U.S. Bancorp Investments, Inc.
|
| Coupon: | 5.75%
|
| Price: | 99.877
|
| Yield: | 5.766%
|
| Spread: | 190 bps over Treasuries
|
| Call: | Make-whole call at 30 bps over Treasuries
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB-
|
| Fitch: BBB
|
| Pricing date: | March 30
|
| Settlement: | April 5
|
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