Time Warner Inc. on Dec. 18 extended the early tender deadline for its cash tender offers to purchase up to $6 billion of outstanding debt securities of Time Warner and Historic TW Inc. and related consent solicitations to 12 p.m. ET on Dec. 21.
Each offer and consent solicitation will expire at 11:59 p.m. ET on Jan. 2, 2018, unless extended or unless such offer or consent solicitation is earlier terminated. The early settlement date, if any, is expected to occur on Dec. 22. The final settlement date for each offer and consent solicitation is expected to occur on Jan. 3, 2018, promptly following the expiration date. The deadline to validly withdraw tenders of debentures and revoke consents expired at 5 p.m. ET on Dec. 15. As of the Dec. 15 withdrawal deadline, about $3.44 billion of the debentures was validly tendered and not validly withdrawn.
Holders or beneficial owners of debentures who validly tendered and, if applicable with respect to such debentures, validly delivered their consents at or before the early tender deadline are eligible to receive consideration, per $1,000 principal amount, equal to the applicable total consideration for such series of debentures. In the case of the 8.300% discount debentures due 2036, the principal amount used for purposes of determining the total consideration and early tender premium will be the full face value thereof.
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.