Time Warner Prices Debt Offering


Time Warner priced the underwritten public offering of $5 billion debt securities with maturities ranging from 3-30 years it announced Wednesday (www.multichannel.com/article/CA6389387.html).

The company is offering $2 billion principal amount of floating-rate notes due 2009, $1 billion principal amount of 5.5% notes due 2011, $1 billion principal amount of 5.875% notes due 2016 and $1 billion principal amount of 6.5% debentures due 2036.

Net proceeds 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.