New York, May 28, 2015 -- Moody's Investors Service assigned a Baa2 rating to Time Warner Inc.'s ("Time Warner") proposed bond offering of benchmark size. The new bond issuance is expected to be split in two tranches consisting of senior notes maturing in 2025 and 2045. Proceeds from the offering will be used for general corporate purposes, including share repurchases and the retirement at maturity of the company's outstanding $1 billion 3.15% Notes due 2015. The new notes will be senior unsecured obligations of Time Warner, the ultimate parent, and will rank equally with all other existing unsecured debt of the company. The guarantee structure for the new notes will be the same as for all notes issued by Time Warner since 2010. The company concurrently commenced a tender offer to purchase any and all of the outstanding $1 billion 5.875% Notes due 2016. The rating outlook is stable.

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