Time Warner Telecom calls 10 1/8% notes due 2011

By Angela McDaniels

Seattle, April 5 - Time Warner Telecom Inc. has called for redemption its $400 million of 10 1/8% senior notes due 2011, according to an 8-K report filed on Tuesday with the Securities and Exchange Commission.

Noteholders will receive 105.063%, which equates to a premium of about $20 million.

The redemption date is April 30, and noteholders will receive payment on May 1.

The company said it will use $363 million of proceeds from its offering of 2.375% convertible senior debentures due 2026, which closed on March 29, and $57 million of cash to fund the redemption.

Time Warner Telecom is a Littleton, Colo.-based IT services company that manages data and voice networks.

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