CBS lays in the cash


CBS Corporation has now completed a cool $1 billion in new bond sales, mostly to pay off older bonds that are coming due. The latest offering was for $250 million.

The latest sale was an add-on to CBS Corporation’s previous $350 million sale earlier this month of 8.875% senior notes due 2019. Originally set for $100 million, the market reception was strong enough that CBS expanded it to $250 million, so there are now $600 million of the 2019 notes. CBS also earlier in the month sold $400 million of 8.2% senior notes due 2014. In all, the sales this month have totaled $1 billion.

Also this month, CBS Corporation bought back over $825 million of its $1.2 billion in 7.7% senior notes due next year.

The joint lead and joint book managers for the latest offering were Banc of America Securities LLC, Citi, J.P. Morgan Securities Inc. and UBS Securities LLC.