Time Warner Issues Debt

The company will sell $5 billion of securities.
Author:
Publish date:

Time Warner

(TWX)

will sell $5 billion of debt in a public offering and use at least part of the proceeds to refinance existing debt and for stock buybacks.

The media company is issuing $2 billion of floating rate notes due 2009, $1 billion of 5.50% notes due 2011, $1 billion of 5.875% notes due 2016 and $1 billion of 6.50% debentures due 2036.

Shares of Time Warner were up 16 cents at $19.80 Thursday.