CBS completes note buyback


Investors tendered over $825 million of CBS Corporation’s $1.2 billion in 7.7% senior notes due next year for the company’s early buyback.

The tender offer to buy back the notes at a premium price expired on Friday, May 15th.

As of the expiration date, $825,548,000 aggregate principal amount of outstanding notes had been validly tendered and accepted.

As announced when the offer was made early this month, the purchase price is $1,035 per $1,000 principal amount of the notes tendered and accepted for payment. CBS will also pay accrued and unpaid interest on the notes.

Banc of America Securities LLC, Citi and UBS Securities LLC acted as the Dealer Managers for the Offer, Global Bondholder Services Corporation acted as the Information Agent, and Deutsche Bank Trust Company Americas acted as the Depositary.