CBS Announces Proposed $1.46B Debt Financing

RADIO ONLINE | Wednesday, September 28, 2016

CBS Corp. said Wednesday that in connection with its previously announced intention to separate its radio business, CBS Radio, that it plans to offer $460 million of senior unsecured notes and to enter into a $1 billion senior secured term loan, in each case, subject to market and other conditions. CBS expects that all of the net proceeds from both the notes offering and the term loan will be distributed to CBS. The remaining net proceeds will be used by CBS Radio for general corporate purposes and ongoing cash needs.

CBS Radio currently reaches more than 72 million consumers nationwide each week. As a part of CBS Corp., the division owns 117 radio stations in 26 markets -- including all of the top 10 -- as well as an array of digital assets.