Time Warner Plans Debt Sale
Time Warner Cable, the second largest U.S. cable operator, plans to sell bonds in order to refinance its debts.
The company is attempting to sell an estimated $700 million worth of debt, which is not expected to mature until 2021 and 2040.
Time Warner is one of the latest companies planning to take advantage of record low borrowing costs, according to Bloomberg. Proceeds for the sale will help the company buy back its own stock for the first time since March 2009. The company has said that it plans to purchase more than $4 billion of the stock after reporting enhanced third-quarter earnings.
Income for Time Warner rose 34 percent in the third quarter, helping the company rise in value by $1 a share. Time Warner says an increase in Internet subscribers, advertising sales and an increase in consumers' monthly bills was the reason for the high earnings, Bloomberg says.
Time Warner last sold debt almost a year ago, when it issued $500 million worth of five-year notes and over $1 billion in 10-year debt.
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