Advertisement
News
Advertisement

Time Warner Cable sells $3B in new debt

Tue, 03/24/2009 - 8:45am
The Associated Press

NEW YORK (AP) – Time Warner Cable Inc. said Monday that it sold a new $3 billion round of debt to pay off $1.93 billion in outstanding loans.

The cable operator said the new debt securities will have maturities of 5 and 10 years and are guaranteed by two of its subsidiaries, TW NY Cable Holding Inc. and Time Warner Entertainment Co.

The offering includes $1 billion of 7.5 percent notes due 2014 and $2 billion of 8.25 percent notes due 2019.

The company said the original unsecured loan was used in part to pay a special cash dividend to stockholders on March 12, just before its separation from Time Warner Inc.

The $10.27 per-share dividend totaled $10.86 billion, with $9.25 billion going to the parent company.

On Friday, Time Warner Inc. gave the final terms for its cable spin-off, saying that eligible shareholders would receive 0.08 share of the spun-off division for every Time Warner share they held on record as of 8 p.m. March 12.

More Broadband Direct 03/24/09:

•  Japan Cablenet taps into 160 Mbps speeds with Arris
•  Time Warner Cable sells $3B in new debt
•  Sprint hitches up with Ford, eyes deals with gadget makers
•  DirecTV's NFL deal includes 'Red Zone' channel
•  A-L adds tools for writing Mediaroom apps
•  NCTA provides FCC with CableCard update
•  ActiveVideo touts interactive demos at Cable Show 
•  JDSU miniaturizes tunable optical transceiver
•  Report: LTE offers savings, presents challenges
•  Obama adviser urges IT investment to beat downturn
•  Broadband Briefs for 03/24/09

 

Advertisement

Share This Story

X
You may login with either your assigned username or your e-mail address.
The password field is case sensitive.
Loading