CBS Corporation Announces Pricing Of Senior Notes Offering By Its Outdoor Subsidiaries

  CBS Corporation Announces Pricing Of Senior Notes Offering By Its Outdoor
                                 Subsidiaries

Senior Notes Are Part of $1.6 Billion of Total Debt Expected To Be Incurred in
Connection with the Separation of CBS Outdoor

PR Newswire

NEW YORK, Jan. 16, 2014

NEW YORK, Jan. 16, 2014 /PRNewswire/ -- CBS Corporation (NYSE: CBS.A and CBS)
today announced that its CBS Outdoor advertising subsidiaries have priced an
$800 million offering of senior unsecured notes in two tranches—$400 million
of 5.25% notes due 2022, and $400 million of 5.625% notes due 2024. The notes
are being issued as part of the Company's plans to separate the outdoor
business, and the offering is expected to close on January 31, 2014, subject
to customary closing conditions.

CBS also announced today that the CBS Outdoor subsidiaries have established
pricing for an $800 million term loan B facility maturing in 2021, at a rate
of LIBOR plus 2.25% with a LIBOR floor of 0.75%. The term loan is expected to
be entered into contemporaneously with the issuance of the notes, subject to
completion of documentation and customary closing conditions. The Company
expects CBS Outdoor to use the net proceeds from both the notes and the term
loan to pay CBS as partial consideration for the contribution of the Outdoor
business entities. CBS Outdoor will use any remaining net proceeds for
corporate purposes and ongoing cash needs.

The notes were offered and will be sold in a private placement to qualified
institutional buyers in the United States pursuant to Rule 144A under the
Securities Act of 1933, as amended (the "Securities Act"), and to non-U.S.
persons in transactions outside the United States pursuant to Regulation S
under the Securities Act. The notes have not been registered under the
Securities Act and may not be offered or sold in the United States absent
registration or an applicable exemption from the registration requirements of
the Securities Act.

This press release does not constitute an offer to sell or the solicitation of
an offer to buy the notes, nor shall there be any sale of the notes in any
state or other jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the securities laws
of any such state or other jurisdiction.

Certain statements in this release, including those relating to completion of
the notes offering and term loan and the proposed use of proceeds, are
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are subject to
risks and uncertainties that may cause actual results to differ materially
from those indicated in the forward-looking statements. Important factors that
could cause actual results to differ materially from our expectations include,
without limitation: the satisfaction of customary closing conditions relating
to the notes offering and term loan; capital market risks; and the impact of
general economic or industry conditions. There can be no assurance that the
notes offering and term loan will be completed on the anticipated terms, or
at all. You should not place undue reliance on these forward-looking
statements, which apply only as of the date of this news release. We intend
these forward-looking statements to speak only as of the time of this release
and do not undertake any obligation to update any forward-looking statements
contained in this release as a result of new information or future events or
developments.

About CBS Corporation
CBS Corporation (NYSE: CBS.A and CBS) is a mass media company that creates and
distributes industry-leading content across a variety of platforms to
audiences around the world. The Company has businesses with origins that date
back to the dawn of the broadcasting age as well as new ventures that operate
on the leading edge of media. CBS owns the most-watched television network in
the U.S. and one of the world's largest libraries of entertainment content,
making its brand – "the Eye" – one of the most recognized in business. The
Company's operations span virtually every field of media and entertainment,
including cable, publishing, radio, local TV, film, outdoor advertising, and
interactive and socially responsible media. CBS's businesses include CBS
Television Network, The CW (a joint venture between CBS Corporation and Warner
Bros. Entertainment), Showtime Networks, CBS Sports Network, TVGN (a joint
venture between CBS Corporation and Lionsgate), Smithsonian Networks, Simon &
Schuster, CBS Television Stations, CBS Radio, CBS Outdoor, CBS Television
Studios, CBS Global Distribution Group (CBS Studios International and CBS
Television Distribution), CBS Interactive, CBS Consumer Products, CBS Home
Entertainment, CBS Films and CBS EcoMedia. For more information, go to
www.cbscorporation.com.

About CBS Outdoor
CBS Outdoor is one of the largest out-of-home media companies in the Americas
and has a major presence throughout the United States, Canada, Mexico and
South America. With both traditional outdoor (billboard and transit)
advertising properties and a network of digital displays and mobile offerings,
CBS Outdoor gives advertisers both breadth and depth of coverage across vast
geographies, as well as immersive ways to connect with advertisers. For more
information, visit www.cbsoutdoor.com.

SOURCE CBS Corporation

Website: http://www.cbscorporation.com
Contact: Press Contact: Dana McClintock, 212-975-1077, dlmcclintock@cbs.com;
Investor Contact: Adam Townsend, 212-975-5292, adam.townsend@cbs.com
 
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