What financial decision did CBS Corporation just make that involved eight financial institutions? We know and soon, you will too.
The broadcaster changed its unsecured $2.5 billion revolving credit agreement. The new one replaces a deal that began in December 2014 that was set to expire in December 2019, CBS tells the Securities and Exchange Commission.
Now, the agreement expires in 2021 and is subject to two one-year extensions.
The new deal contains provisions similar to its previous agreement, “including customary representations, warranties and covenants, including a maximum consolidated leverage ratio, and modifications consistent with the company’s previously announced plans to explore strategic options to separate its radio business.”
A slew of financial institutions were involved, including: JPMorgan Chase Bank, N.A., as administrative agent, Citibank, N.A., as syndication agent, and Bank of America, N.A., Deutsche Bank Securities Inc., Goldman Sachs Bank USA, Mizuho Bank, Ltd., Morgan Stanley MUFG Loan Partners, LLC and Wells Fargo Bank, N.A. as co-documentation agents.
