CBS was able to buy back approximately two thirds of $1.24 billion in debt it is refinancing, according to the company.
CBS had offered bondholders a premium of 3.5% ($1,035 for every $1,000 in principal) to get them to tender $1,240,870,000 in 7.7% notes.
The company said that as of Friday, May 15, when the offering closed, it had been tendered $825,548,000 in outstanding notes, which were due July 2010.
CBS has indicated that, rather than making the move because it doesn't think it will be able to meet the debt obligation in July 2010, it is instead looking to get a better rate on a longer-term debt, something like refinancing a house to lower the payment.
CBS has over $6 billion in public debt in a baker's dozen of tranches stretching out to 2056, but this is the one coming due first.