CBS sells $600 million in bonds
CBS Corp. on Monday took advantage of lower interest rates to refinance $600 million in debt.
The company announced the pricing of two debt offerings, both for $300 million. In the first, the company is offering notes due 2021 at 4.30% interest. The second batch, due 2040, has a rate of 5.90%. CBS intends to use the money to repurchase $250 million in debt that was due in 2012 and pay off notes due in 2051.
CBS -- which includes the CBS broadcast network, TV stations, CBS radio stations, billboards and the premium cable channel Showtime -- is controlled by 87-year-old mogul Sumner Redstone. It has a market capitalization of $11 billion.
Handling the offering for CBS was Citigroup Global Markets Inc., Credit Suisse Securities, JPMorgan Securities Inc., Morgan Stanley & Co. Inc., Goldman Sachs & Co. and Wells Fargo Securities.
-- Meg James