Time Warner Inc. priced its cash tender offers purchase the outstanding debt securities of Time Warner and Historic TW Inc.
In conjunction with certain of the offers, Time Warner also commenced solicitations of consents to amend certain provisions of the indentures governing the applicable series of debentures, the company said Dec. 18.
The proposed amendments would amend the applicable indenture with respect to the applicable series of debentures to, among other things, eliminate substantially all of the restrictive covenants and certain events of default, modify notice requirements for redemption and related provisions contained in the indentures and, under the indenture, dated as of Jan. 15, 1993.
Time Warner's obligation to accept for purchase debentures that are validly tendered and not validly withdrawn is limited to as many debentures as Time Warner can buy up to an aggregate purchase price for the debentures subject to the offers of no more than $6 billion. Each offer and consent solicitation will expire at 11:59 p.m. ET on Jan. 2, 2018. The final settlement date for each offer and consent solicitation is expected to occur on Jan. 3, 2018, promptly following the expiration date.
Time Warner expects to return any debentures tendered and consents delivered but not accepted for payment promptly after the early settlement date or final settlement date, as applicable.
Bank of America Merrill Lynch and Citigroup Global Markets Inc. are acting as dealer managers for the offers and solicitation agents for the consent solicitations. D.F. King & Co. Inc. is acting as the tender agent and information agent.