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CBS Radio plans $1.46B debt financing in connection with spinoff plans

CBS RadioInc. is planning a $1.46 billion debt financing in connection withCBS Corp.'s plans toseparate the radio business.

According to a Sept. 28 news release, CBS Radio plans tooffer $460 million of senior unsecured notes and enter into a $1 billion seniorsecured term loan.

CBS Corp. expects substantially all of the net proceeds fromthe debt offering and the term loan will be distributed to CBS Corp. CBS Radiowill use the remaining proceeds for general corporate purposes and ongoing cashneeds.

In July, CBS Radio filed for an of its commonshares. CBS Corp. plans to separate CBS Radio via a tax-free splitoff, andplans to sell all of CBS Radio shares that it will indirectly own upon thecompletion of the IPO after the "lock-up" period.