US cableco Time Warner Cable has completed an offering of US$1bn in 10-year notes and US$1.25bn in 30-year debentures.
The plan was first announced Wednsday, when the company said in an SEC filing that the notes carry a coupon of 4%, will mature in 2021…
US cableco Time Warner Cable has completed an offering of US$1bn in 10-year notes and US$1.25bn in 30-year debentures.
The plan was first announced Wednsday, when the company said in an SEC filing that the notes carry a coupon of 4%, will mature in 2021 and priced at 99.109.
The debentures carry a coupon of 5.5%, will mature in 2041 and priced at 98.216.
The bookrunners were BoA Merrill Lynch, Goldman Sachs, JP Morgan, Mizuho Securities and Wells Fargo.
The company said in a separate statement that it would use the net proceeds of the offering for general corporate purposes, including the repayment of debt.
Time Warner announced in August that it had agreed to acquire cable operator Insight Communications for US$3bn,
Insight provides internet, video and voice services to 750,000 customers in Kentucky, Indiana and Ohio.
According to its Q2 results, Time Warner’s net debt stood at US$21bn at the end of June 2011. Its revenues in Q2 were US$4.9bn, up 4.4% from the previous year.
