Time Warner Inc. Prices $2.1 Billion Debt Offering
29 May 2015 - 11:15AM
Business Wire
Time Warner Inc. (NYSE:TWX) today announced that it has priced a
$1.5 billion underwritten public offering of 3.60% senior notes due
2025 at a price equal to 99.760% of their face amount and a $600
million underwritten public offering of 4.85% debentures due 2045
at a price equal to 99.929% of their face amount. The net proceeds
from the issuance of the notes and debentures will be used for
general corporate purposes, including share repurchases and the
retirement at maturity of Time Warner’s outstanding 3.15% Notes due
2015. The sale of the notes and debentures is expected to close on
June 4, 2015.
The notes and debentures will be issued by Time Warner and
guaranteed by Historic TW Inc. In addition, Home Box Office, Inc.
and Turner Broadcasting System, Inc. will guarantee the obligations
of Historic TW Inc. under its guarantee. The guarantee structure
for the notes and debentures will be the same as the structure for
the notes and debentures Time Warner has issued since 2010.
The offering is being made pursuant to an effective registration
statement on Form S-3 filed with the Securities and Exchange
Commission (“SEC”). Interested parties should read the prospectus
included in such registration statement and the prospectus
supplement for the offering and other documents that Time Warner
has filed with the SEC for more complete information about Time
Warner and the offering.
The offering is being made only by means of a prospectus and a
related prospectus supplement. Citigroup Global Markets Inc.,
Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan
Stanley & Co. LLC and Wells Fargo Securities, LLC are the
active joint book-running managers for the offering. Copies of the
prospectus supplement and accompanying prospectus may be obtained
by contacting Citigroup Global Markets Inc. at 800-831-9146,
Merrill Lynch, Pierce, Fenner & Smith Incorporated at
800-294-1322, Morgan Stanley & Co. LLC at 866-718-1649, and
Wells Fargo Securities, LLC at 800-645-3751. An electronic copy of
the prospectus supplement, together with the accompanying
prospectus, is also available on the SEC’s website,
www.sec.gov.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of the
notes, debentures and guarantees in any state or jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
ABOUT TIME WARNER INC.
Time Warner Inc., a global leader in media and entertainment
with businesses in television networks and film and TV
entertainment, uses its industry-leading operating scale and brands
to create, package and deliver high-quality content worldwide on a
multi-platform basis.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This document contains certain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These statements are based on management’s current
expectations or beliefs, and are subject to uncertainty and changes
in circumstances. Actual results may vary materially from those
expressed or implied by the statements herein due to changes in
economic, business, competitive, technological, strategic and/or
regulatory factors and other factors affecting the operation of
Time Warner’s businesses. More detailed information about these
factors may be found in filings by Time Warner with the SEC,
including its most recent Annual Report on Form 10-K and subsequent
Quarterly Reports on Form 10-Q. Time Warner is under no obligation,
and expressly disclaims any such obligation, to update or alter its
forward-looking statements, whether as a result of new information,
future events, or otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20150528006793/en/
Time Warner Inc.Corporate
CommunicationsKeith Cocozza 212-484-7482orInvestor RelationsMichael Kopelman
212-484-8920Michael Senno 212-484-5920
Time Warner (NYSE:TWX)
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