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| CBS > SEC Filings for CBS > Form 8-K on 21-Mar-2013 | All Recent SEC Filings |
21-Mar-2013
Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or
On March 18, 2013, CBS Corporation (the "Company) amended and restated its unsecured $2.0 billion revolving credit agreement, which now expires in March 2018. The Amended and Restated $2.0 Billion Credit Agreement (the "Agreement") was executed by the Company, CBS Operations Inc., and a syndicate of financial institutions, 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., Morgan Stanley MUFG Loan Partners, LLC, The Royal Bank of Scotland plc, UBS Loan Finance LLC and Wells Fargo Bank, N.A., as co-documentation agents.
The Agreement amends and restates the Company's previous unsecured $2.0 billion revolving credit agreement dated March 16, 2011, which was due to expire in March 2015. The Agreement contains provisions substantially similar to those in the Company's previous credit agreement, including customary representations, warranties and covenants, including a maximum Consolidated Leverage Ratio. CBS Operations Inc. acts as guarantor for the Agreement and the Company may designate subsidiary borrowers thereunder for which the Company will act as guarantor. Borrowing rates are generally based on the London Interbank Offer Rate or the prime rate in the United States plus applicable margins. The Company pays a commitment fee based on the average daily unused commitments under the Agreement. The Agreement may be used for general corporate purposes.
The above description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the text of such agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K.
Some of the financial institutions party to the Agreement and their respective affiliates have performed, and/or may in the future perform, various commercial banking, investment banking and other financial advisory services in the ordinary course of business for the Company and its subsidiaries for which they have received, and/or will receive, customary fees and commissions.
The information set forth above under Item 1.01 is hereby incorporated by reference into this Item 2.03.
(d) Exhibits. The following Exhibit is filed as part of this Report on Form 8-K:
Exhibit Number Description of Exhibit 10.1 Amended and Restated $2.0 Billion Credit Agreement dated March 18, 2013. |
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