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Article: Time Warner Cable Prices a $3 Billion Debt Offering.
- Article from:
- Investment Weekly News
- Article date:
- April 11, 2009
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Time Warner Cable Inc. (NYSE:TWC) announced that it has priced a $3 billion underwritten public offering of debt securities, including $1 billion aggregate principal amount of 7½% notes due 2014 and $2 billion aggregate principal amount of 81/4% notes due 2019. The net proceeds from the issuance of the debt securities are expected to be used to repay all of the borrowings outstanding under a $1.932 billion senior unsecured term loan facility, which the Company used to fund, in part, a special cash dividend to its stockholders that was paid on March 12, 2009. The Company will use any proceeds in excess of that amount for general corporate purposes, including repayment ...