Time Warner gets tenders for $2.71 billion 5.5%, 6.875%, 9.125% notes

By Jennifer Chiou

New York, July 14 - Time Warner Inc. announced the completion of the tender offer for any and all of its 5.5% notes due 2011, its 6.875% notes due 2012 and the 9.125% debentures due 2013 of Historic TW Inc.

The tender offer expired at 11:59 p.m. ET on July 13.

Time Warner received tenders for $780,026,000 of the 5.5% notes, $1,362,460,000 of the 6.875% notes and $567,689,000 of the 9.125% debentures, which were originally issued by Time Warner Cos., Inc.

In total, the company received tenders for $2,710,175,000 of the roughly $4 billion of notes.

For each $1,000 principal amount, the purchase price is $1,062.50 for the 5.5% notes, $1,100.00 for the 6.875% notes and $1,180.00 for the 9.125% debentures.

Holders also received accrued interest up to but excluding the payment date, which was slated for Wednesday.

The offer was subject to some conditions, but it was not conditioned on the tender of a minimum principal amount of notes.

The dealer managers were Citi (800 558-3745), Deutsche Bank Securities Inc. (866 627-0391 or 212 250-2955), RBS (877 297-9832 or 203 897-6145) and Wells Fargo Securities (866 309-6316 or 708 715-8341). The information agent and depositary was D.F. King & Co., Inc. (800 758-5880 or, for banks and brokers, 212 269-5550).

Time Warner is a media and entertainment company based in New York.

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