Market Overview

Time Warner Commences Public Offering Of Senior Notes


Time Warner Inc. (NYSE: TWX) commenced an underwritten public offering of senior notes due 2026 of benchmark size. The company indicated that the net proceeds from the offering would be used for general corporate purposes.

Time Warner said the notes would be issued by it and guaranteed by Historic TW Inc. Apart from that, Home Box Office, Inc. and Turner Broadcasting System, Inc. would guarantee the obligations of Historic TW Inc. The company stated the guarantee structure for the notes would be the same as the structure for the notes and debentures that it issued since 2010.

The media firm said that the offering was made following an effective registration statement on Form S-3 filed with the Securities and Exchange Commission ("SEC"). The company did not disclose the size of its senior notes issue.

The company said that Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Mizuho Securities USA Inc. were the active joint book-running managers for the offering.

Shares of the company traded 0.6 percent higher on Thursday.

Posted-In: Earnings News Offerings Press Releases


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