Time Warner filed a shelf registration statement with the Securities and Exchange Commission and commenced an underwritten public offering of debt securities with maturities ranging from 3-30 years.
The company said net proceeds from the issuance of the debt securities will be used to refinance existing indebtedness and for general corporate purposes, including repurchases of Time Warner common stock.
The debt securities will be issued by Time Warner and guaranteed by TW AOL Holdings and Historic TW. In addition, Time Warner and Turner Broadcasting System will guarantee the obligations of Historic TW under its guarantee.
Banc of America Securities, Barclays Capital, BNP Paribas Securities and RBSGreenwich Capital are joint book-running managers.