CBS said it will commence an $800 million offering of senior notes later this week, proceeds of which will be used to repurchase its own shares.
The offering – consisting of 4% senior notes due 2026 – is expected to close on July 10. CBS said that after deducting fees and expenses related to the offering, it would use the proceeds for general corporate purposes, including the repurchase of shares and the repayment of short-term borrowings. As of Dec. 31, 2014, about $4.8 billion of authorization remained under the company’s share repurchase program.
Joint book managers for the offering are BNP Paribas Securities, Merrill Lynch, Mizuho Securities USA and Morgan Stanley.