Time Warner (TWX) Prices $500M, 4% Senior Notes Offering
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Time Warner Inc. (NYSE: TWX) today announced that it has priced a $500 million underwritten public offering of 4.00% senior notes due 2022 at a price equal to 98.297% of their face amount and a $500 million underwritten public offering of 5.375% debentures due 2041 at a price equal to 99.366% of their face amount.
From the release: "The net proceeds from the issuance of the notes and debentures will be used for general corporate purposes, which may include stock repurchases. The sale of the notes and debentures is expected to close on October 17, 2011.
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 issued in April 2011 and in 2010."
From the release: "The net proceeds from the issuance of the notes and debentures will be used for general corporate purposes, which may include stock repurchases. The sale of the notes and debentures is expected to close on October 17, 2011.
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 issued in April 2011 and in 2010."
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