Time Warner Inc. (NYSE: TWX) today announced that it has commenced an
underwritten public offering of debt securities consisting of senior
notes due 2019, senior notes due 2024 and senior debentures due 2044,
each of benchmark size. The net proceeds from the issuance of the notes
and debentures will be used for general corporate purposes, including
share repurchases.
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 preliminary 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. BofA Merrill Lynch, Citigroup Global Markets
Inc., Credit Suisse Securities (USA) LLC and Morgan Stanley & Co. LLC
are the active joint book-running managers. Copies of the preliminary
prospectus supplement and accompanying prospectus may be obtained by
contacting BofA Merrill Lynch at 1 (800) 294-1322, Citigroup Global
Markets Inc. at 1 (800) 831-9146, Credit Suisse Securities (USA) LLC at
1 (800) 221-1037, and Morgan Stanley & Co. LLC at 1 (866) 718-1649. An
electronic copy of the preliminary 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, film and TV entertainment and
publishing, uses its industry-leading operating scale and brands to
create, package and deliver high-quality content worldwide through
multiple distribution outlets.
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 Securities and Exchange Commission, 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.
Copyright Business Wire 2014