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CBS Corporation Announces $700 Million Senior Note Offering

Stocks in this article: CBSCBS.A

NEW YORK, Feb. 24, 2012 /PRNewswire/ -- CBS Corporation (NYSE: CBS.A and CBS) today announced the pricing of a debt offering of $700 million of 3.375% senior notes due 2022. CBS Corporation intends to use the net proceeds from this offering, after deducting related fees and expenses, to repurchase or repay outstanding indebtedness, including the redemption of some or all of its $700 million of outstanding 6.75% senior notes due 2056. The remaining net proceeds, if any, will be used for general corporate purposes.

The joint book-running managers for the offering are Merrill Lynch, Pierce, Fenner & Smith Incorporated, Deutsche Bank Securities Inc., RBS Securities Inc., UBS Securities LLC, Credit Suisse Securities ( USA) LLC, and Wells Fargo Securities, LLC.

A prospectus can be obtained by contacting CBS Corporation Investor Relations at 1-877-CBS-0787 (1-877-227-0787) or 212-975-6450 or emailing 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 in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

DISCLOSURE NOTICE: Some statements in this release may constitute forward-looking statements. CBS Corporation cautions that 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. A description of risks and uncertainties can be found in CBS Corporation's most recent Annual Report on Form 10-K and its other public filings and press releases. Except as required by law, CBS Corporation does not assume any obligation to update any forward-looking statements contained in this release as a result of new information or future events or developments.

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