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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