CBS CORP PRICES DEBT OF CBS RADIO
As CBS Corporation readies the spin-off of its radio division, terms of financing were laid out today. The restructure will leave the radio unit with roughly $1.5 billion in debt, split between bonds and loans, ahead of a planned initial public offering.
The company priced an offering of $400 million in aggregate principal amount of 7.25% senior unsecured notes due 2024.
CBS also announced that CBS Radio has established pricing for a $1.06b senior secured term loan B facility maturing in 2023 at an interest rate of LIBOR plus 3.50%, with a LIBOR floor of 1.00%. The $1.46b debt financing to be effected through the issuance of the notes and the borrowing under the term loan are being made as part of CBS’s plans to separate its radio business.
The company also announced that CBS Radio is expected to enter into a $250 million senior secured revolving credit facility maturing in 2021 simultaneously with the term loan, subject to the completion of documentation and customary closing conditions. The revolving facility is expected to be undrawn at the closing date and will be available to CBS Radio for general corporate purposes.
In related news, what the fuck does all that mean?
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