WEST PALM BEACH, FLA. — With acting CEO and President Joseph Ianniello preparing to travel to the ritzy seaside Breakers resort for a March 12 Q&A at the Deutsche Bank 2019 Media, Internet & Telecom Conference, CBS Corporation has just completed a fundraising effort involving no less than five underwriters and a sizable aggregate principal amount of its 4.200% Senior Notes due 2029.
CBS on February 20 entered into an underwriting agreement with Citigroup Global Markets, Deutsche Bank Securities, Merrill Lynch, Wells Fargo Securities and Pierce, Fenner & Smith Inc.
This allowed CBS to issue and sell $500 million aggregate principal amount of its 4.200% Senior Notes due 2029.
The notes were issued and sold on Tuesday (3/5), and they are guaranteed on an unsecured basis by CBS.
An SEC filing outlines which institution’s contribution is to the offering.
The yield to maturity is listed as 4.316%.
CBS shares of late have been struggling. With most investors and financial analysts expecting CBS to return to the $60 level, trading on March 7 was below the $50 level. As of 11:41am Eastern CBS was off 1.4% to $49.33 on light trading volume.
On Feb. 11, CBS dipped to $48.09 before largely resuming a recovery trend started in the final week of December, following a fall to $43.41. This saw CBS shares pushing $52 on Feb. 22, but have been in retreat since.
