Time Warner Cable Inc. (NYSE:TWC) has announced that it has commenced an underwritten public offering of debt securities with maturities of 5 and 10 years. The net proceeds from the issuance of the debt securities are expected to be used to finance, in part, a one-time dividend to stockholders of Time Warner Cable to be paid just prior to the previously announced separation of Time Warner Cable from its parent company Time Warner Inc. If the separation is not consummated and the special dividend is not paid, Time Warner Cable will use the proceeds from the issuance of the debt securities for general corporate purposes, including repayment of indebtedness.
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, L.P. Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Mizuho Securities USA Inc. are joint book-running managers.
Time Warner Cable has filed a registration statement on Form S-3 (including a prospectus) with the SEC for this offering. Interested parties should read the prospectus in that registration statement, the preliminary prospectus supplement for this offering and the other documents that Time Warner Cable has filed with the SEC that are incorporated by reference into the preliminary prospectus supplement for more complete information about Time Warner Cable and this offering. These documents are available at no charge by visiting EDGAR on the SEC Web site . Alternatively, these documents will be made available by any underwriter or dealer participating in the offering to interested parties who make a request from Citigroup Global Markets Inc. Attention: Prospectus Department, Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, New York 11220, (877) 858-5407; Deutsche Bank Securities Inc., Attention: Prospectus Department, 100 Plaza One, Second Floor, Jersey City, New Jersey 07311, (800) 503-4611; Goldman, Sachs & Co., Attention: Prospectus Department, 85 Broad Street, New York New York 10004, (866) 471-2526; Mizuho Securities USA Inc., Attention: Debt Capital Markets, 1251 Avenue of the Americas, 33rd Floor, New York, New York 10020, (800) 221-8866 (ext. 3143).