By Paul A. Harris
Portland, Ore., Oct. 7 – CBS Radio Inc. priced a downsized $400 million issue of eight-year senior notes (B3/B-) at par to yield 7¼% on Friday, according to a market source.
The issue size was decreased from $460 million, with $60 million of proceeds shifted to the concurrent bank loan, raising the loan size to $1.06 billion from $1 billion.
The yield printed on top of revised yield talk. Earlier talk had the deal coming in the 7½% area.
Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Citigroup Global Markets Inc., BofA Merrill Lynch, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. and Wells Fargo Securities LLC were the joint bookrunners.
Proceeds, along with proceeds from concurrent bank debt, will be used to fund a distribution to CBS Corp. in connection with its spinoff of CBS Radio. Remaining proceeds will be used for general corporate purposes and ongoing cash needs.
Issuer: | CBS Radio, Inc.
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Amount: | $400 million
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Maturity: | Nov. 1, 2024
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Securities: | Senior notes
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Bookrunners: | Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Citigroup Global Markets Inc., BofA Merrill Lynch, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., Wells Fargo Securities LLC
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Coupon: | 7¼%
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Price: | Par
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Yield: | 7¼%
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Call protection: | Three years
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Trade date: | Oct. 7
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Settlement date: | Oct. 17
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Ratings: | Moody's: B3
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| S&P: B-
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Distribution: | Rule 144A and Regulation S
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Price talk: | 7¼%, revised from 7½% area
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Marketing: | Roadshow
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