CBS Radio readies launch of $1 billion term loan B for Tuesday

By Sara Rosenberg

New York, Sept. 26 – CBS Radio Inc. is scheduled to hold a bank meeting on Tuesday to launch a $1 billion seven-year term loan B, according to a market source.

J.P. Morgan Securities LLC is the left lead bank on the deal.

Price talk on the term loan B is Libor plus 375 basis points to 400 bps with a 1% Libor floor and an original issue discount of 99, the source said.

Included in the term loan B is 101 soft call protection for six months.

The term loan B is being done in connection with the company’s spin-off from CBS Corp. and initial public offering of common stock.

Proceeds will be used to help fund a distribution to CBS and for general corporate purposes.

CBS Radio is a New York-based broadcast media company.

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