Time Warner Inc. Prices $900 Million Debt Offering
November 17 2015 - 9:38PM
Business Wire
Time Warner Inc. (NYSE:TWX) today announced that it has priced a
$600 million underwritten public offering of 3.875% senior notes
due 2026 at a price equal to 99.951% of their face amount and a
$300 million underwritten public offering of 4.85% debentures due
2045 at a price equal to 96.812% of their face amount (“additional
debentures”). The additional debentures constitute an additional
issuance of, will form a single series with, will have the same
terms and CUSIP number as, and will trade interchangeably with, the
outstanding 4.85% Debentures due 2045 issued by Time Warner on June
4, 2015. The net proceeds from the issuance of the notes and
additional debentures will be used for general corporate purposes.
The sale of the notes and additional debentures is expected to
close on November 20, 2015.
The notes and additional 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 additional 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. Barclays Capital Inc., Citigroup
Global Markets Inc., Deutsche Bank Securities Inc. and J.P. Morgan
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 Barclays Capital Inc. at
888-603-5847, Citigroup Global Markets Inc. at 800-831-9146,
Deutsche Bank Securities Inc. at 800-503-4611, and J.P. Morgan
Securities LLC at 212-834-4533. 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, additional 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/20151117007138/en/
Time Warner Inc.Corporate
CommunicationsKeith Cocozza (212) 484-7482orInvestor RelationsMichael Kopelman (212)
484-8920Michael Senno (212) 484-8950
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