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CBS $750 Million Tender Offer Ends

NEW YORK: CBS Corp. said today its tender offer for senior notes due next year expired Friday at 5 p.m. As of that time, CBS (NYSE: CBS) had accepted more than $825 million in tenders. The notes purchased were 7.7 percent senior notes due in October 2010.

The purchase price, announced May 8, 2009, was $1,035 per $1,000 principal. CBS is also paying accrued and unpaid interest on the notes accepted in the offer up to, but not including, the settlement date of May 18.

Banc of America Securities LLC, Citi and UBS Securities LLC acted as the dealer managers for the offer, Global Bondholder Services Corp. acted as the information agent, and Deutsche Bank Trust Co. Americas acted as the depository.

CBS also made a $750 million senior note offering earlier in the month. A total of $400 million in 8.2 percent notes due 2014 was issued. A second batch of $350 million to mature in 2019 carried a rate of 8.875 percent.

Shares of CBS today reached $7.46 before settling back to around $7.30. The price now stands at more than double the company's all-time low of $3.06 on March 9, and up from Friday's close of around $7 on a wider-market push led by renewed faith in financials. --Deborah D. McAdams