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2/24/2012 3:46 PM ET

CBS Corp. (CBS: Quote, CBS_A) announced the pricing of a debt offering of $700 million of 3.375% senior notes due 2022.

The company said that it intends to use the net proceeds from this offering, after deducting related fees and expenses, to repurchase or repay outstanding indebtedness, including the redemption of some or all of its $700 million of outstanding 6.75% senior notes due 2056. The remaining net proceeds, if any, will be used for general corporate purposes.

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