Published on 5/6/2016 in the Prospect News Investment Grade Daily.
New Issue: Time Warner sells $800 million 2.95% 10-year notes at 135 bps spread
By Lisa Kerner
Charlotte, N.C., May 6 – Time Warner Inc. detailed its $800 million sale of 2.95% 10-year senior notes (Baa2/BBB/BBB+), which priced at 98.702 to yield 3.099%, or 135 bps over Treasuries, according to an FWP filed with the Securities and Exchange Commission.
Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., BofA Merrill Lynch; Mizuho Securities USA Inc., BNP Paribas Securities Corp., Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC, SMBC Nikko Securities America, Inc.; Societe Generale and Wells Fargo Securities, LLC are the joint bookrunning managers.
The notes will be guaranteed by Historic TW Inc. In addition, Home Box Office, Inc. and Turner Broadcasting System, Inc. will guarantee Historic TW’s guarantee of the notes.
Proceeds will be used for general corporate purposes.
The media company is based in New York.
| Issuer: | Time Warner Inc.
|
| Issue: | Notes
|
| Amount: | $800 million
|
| Maturity: | July 15, 2026
|
| Bookrunners: | Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., BofA Merrill Lynch; Mizuho Securities USA Inc., BNP Paribas Securities Corp., Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC, SMBC Nikko Securities America, Inc.; Societe Generale; Wells Fargo Securities, LLC
|
| Co-managers: | Barclays; BNY Mellon Capital Markets, LLC; Credit Suisse Securities (USA) LLC; J.P. Morgan Securities LLC; Lloyds Securities Inc.; MUFG; RBS Securities Inc.; Samuel A. Ramirez & Co., Inc.; Santander Investment Securities Inc.; Scotia Capital (USA) Inc.; Williams Capital Group, LP
|
| Coupon: | 2.95%
|
| Price: | 98.702
|
| Yield: | 3.099%
|
| Spread: | Treasuries plus 135 bps
|
| Call: | Make-whole call at Treasuries plus 20 bps at any time prior to April 15, 2026, par call at any time on or after April 15, 2026
|
| Pricing date: | May 5
|
| Settlement date: | May 10
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
| Fitch: BBB+
|
| Distribution: | Off shelf
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
