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Company Town Blog

CBS sells $600 million in bonds

By Meg JamesStaff Writer 
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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.

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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

Company Town Blog
Meg James

Meg James is a senior entertainment industry writer for the Los Angeles Times. She was the lead reporter for The Times’ coverage of the deadly “Rust” shooting on a New Mexico film set in 2021, work recognized by the Pulitzer Prize board as a finalist in breaking news. A member of the Company Town team for two decades, James specializes in covering television, corporate media and investigative projects. She previously wrote for the Miami Herald and the Palm Beach Post. A native of Wyoming, she is a graduate of the University of Colorado and Columbia University.

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