CBS Corporation to Raise $800 Million for Stock Repurchase Plan

CBS Corporation to Raise $800 Million for Stock Repurchase Plan

CBS Corporation is raising $800 million for what the company calls “general corporate purposes.”

After deducting fees and expenses, the money will go towards CBS’ share repurchase program and the repayment of short-term borrowings, such as commercial paper.

The debt offering comes with an interest rate of 4 percent, and the notes will be due 2026.

Also Read: CBS Claims Most Ad Dollars, Highest Pricing as It Closes Upfront Ad Sales

The sale of the senior notes is expected to close on July 10, 2015, subject to customary closing conditions.

The joint book managers for the offering are BNP Paribas Securities Corp., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Mizuho Securities USA Inc., and Morgan Stanley & Co. LLC.

The Les Moonves-led network next reports its quarterly earnings on August 5.

Related stories from TheWrap:

CBS Corporation to Raise $800 Million for Stock Repurchase Plan

Paula Deen Deletes Twitter Picture of Her Son Bobby in Brownface

'X-Files' Adds 'Flight of the Conchords' Star Rhys Darby to Cast

Harry Shearer Signs New 'Simpsons' Deal After Leaving Show

Suge Knight Loses Bid to Dismiss Murder Case