Broadband Briefs for 12/08/09
• Time Warner Cable announces debt offering
By Mike Robuck
Time Warner Cable today announced that it has started an underwritten public offering of debt securities with maturities of five and 10 years.
Time Warner Cable, the nation’s second-largest MSO, said the net proceeds from the issuance of the debt securities were slated to be used to repay the borrowings outstanding under the company’s five-year term loan facility, and a portion of the borrowings outstanding under the company’s commercial paper program and for general corporate purposes.
The debt securities will be issued by Time Warner Cable Inc. and guaranteed by its subsidiaries, TW NY Cable Holding Inc. and Time Warner Entertainment Company. Barclays Capital, Deutsche Bank Securities and Goldman, Sachs & Co. are active joint book-running managers.
Time Warner Cable spun off from Time Warner earlier this year.