CBS Corp.'s Subsidiaries Plan To Offer $800 Mln Of Senior Unsecured Notes

(RTTNews) - CBS Corp. (CBS, CBS_A) announced that in connection with its previously announced intention to separate its outdoor advertising business or "CBS Outdoor", two subsidiaries of CBS Outdoor plan to offer $800 million of senior unsecured notes.

CBS said itexpects that the net proceeds from the notes—as well as an $800 million term loan expected to be entered into by the subsidiaries—will primarily be paid by CBS Outdoor to CBS in partial consideration for the contribution of the business entities comprising the Outdoor operating segment. The remaining net proceeds not used for such payments will be used by CBS Outdoor for corporate purposes and ongoing cash needs.