CBS Corporation today announced that in connection with its previously announced intention to separate its radio business, CBS Radio Inc. plans to offer $460 million of senior unsecured notes and to enter into a $1 billion senior secured term loan, in each case, subject to market and other conditions.
CBS expects that substantially all of the net proceeds from both the notes offering and the term loan will be distributed to CBS. The remaining net proceeds not used for such distribution will be used by CBS Radio for general corporate purposes and ongoing cash needs.
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