Time Warner Cable (TWC) Prices a $1.5 Billion Debt Offering
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Time Warner Cable Inc. (NYSE: TWC) announced that it has priced a $1.5 billion underwritten public offering of 6¾% debentures due 2039. The net proceeds from the issuance of the debentures are expected to be used to repay a portion of the amounts outstanding under Time Warner Cable's existing bank credit facilities. The sale of the debentures is expected to close on June 29, 2009.
The debt securities will be issued by Time Warner Cable Inc. and guaranteed by its subsidiaries, TW NY Cable Holding Inc. and Time Warner Entertainment Company, L.P. Banc of America Securities LLC, BNP Paribas Securities Corp., Citigroup Global Markets Inc., J.P. Morgan Securities Inc. and Mitsubishi UFJ Securities (USA), Inc. are joint book-running managers.
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