For Immediate Release
Time Warner Announces Successful Completion of Bondholder Consent Solicitation
NEW YORK, April 16, 2009 - Time Warner Inc. (NYSE: TWX) today announced that it has successfully completed its consent solicitation to amend the indentures governing $12.3 billion outstanding principal amount of debt securities of Time Warner and certain of its subsidiaries set out in the attached schedule (the “Debt Securities”).
Time Warner solicited consents from security holders of record as of April 2, 2009, to amend the covenant in each of the specified indentures that imposed certain restrictions on the conveyance or transfer by AOL LLC of its properties and assets.
Each bondholder who validly delivered, and did not revoke, its consent before the consent solicitation expired will receive a payment of $5.00 for each $1,000 principal amount of Debt Securities.
The consent solicitation expired at 5:00 p.m., New York City time, on April 15, 2009. Banc of America Securities LLC, Citi and Deutsche Bank Securities acted as Solicitation Agents for the consent solicitation. D.F. King & Co., Inc. acted as the Information and Tabulation Agent.
About Time Warner Inc.
Time Warner Inc., a global leader in media and entertainment with businesses in filmed entertainment, television networks, publishing and interactive services, uses its industry-leading operating scale and brands to create, package and deliver high-quality content worldwide through multiple distribution platforms.
| Contacts: | |
| Corporate Communications | Investor Relations |
| Edward Adler (212) 484-6630 | Doug Shapiro (212) 484-8926 |
| Keith Cocozza (212) 484-7482 | Michael Kopelman (212) 484-8920 |
| Issuer/Indenture | Debt Security | CUSIP | | | Aggregate Principal Amount Outstanding | |
Historic TW Inc. 1992 HTW Indenture | 9.125% Debentures due 2013 | 887315AK5 | | $ | 1,000,000,000 | |
| | | | | | | |
| Historic TW Inc. | 8.05% Debentures due 2016 | 887315BA6 | | $ | 150,000,000 | |
| 1993 HTW Indenture | 7.25% Debentures due 2017 | 887315BJ7 | | $ | 500,000,000 | |
| | 9.15% Debentures due 2023 | 887315AM1 | | $ | 602,337,000 | |
| | 7.57% Debentures due 2024 | 887315BH1 | | $ | 450,000,000 | |
| | 6.85% Debentures due 2026 | 887315BB4 | | $ | 28,481,000 | |
| | 6.95% Debentures due 2028 | 887315BM0 | | $ | 500,000,000 | |
| | 8.30% Discount Debentures due 2036 | 887315AZ2 | | $ | 200,000,000 | 1 |
| | | | | | | |
| Historic TW Inc. | 6.875% Debentures due 2018 | 887315AY5 | | $ | 600,000,000 | |
| 1998 HTW Indenture | 6.625% Debentures due 2029 | 887315BN8 | | $ | 1,000,000,000 | |
| | | | | | | |
| Turner Broadcasting System, Inc. | 8.375% Senior Notes due 2013 | 900262AR7 | | $ | 300,000,000 | |
| 1993 TBS Indenture | | | | | | |
| | | | | | | |
| Time Warner Inc. | 6.75% Notes due 2011 | 00184AAB1 | | $ | 1,000,000,000 | |
| 2001 TWX Indenture | 6.875% Notes due 2012 | 00184AAF2 | | $ | 2,000,000,000 | |
| | 7.625% Debentures due 2031 | 00184AAC9 | | $ | 2,000,000,000 | |
| | 7.70% Debentures due 2032 | 00184AAG0 | | $ | 2,000,000,000 | |
1 This series of debentures was issued at a discount to its full face value. As of April 2, 2009, the accreted principal amount outstanding of this series of debentures was approximately $106,306,000.
