Time Warner Inc. announced that Time Warner Telecom filed an amendment to a registration statement with the Securities and Exchange Commission in connection with a public offering of $400 million of Senior Notes due 2008.
Time Warner Telecom has temporarily delayed the planned initial public offering of a minority interest in its common stock due to market conditions.
Morgan Stanley Dean Witter and Lehman Brothers have been named as the underwriters in connection with the offering.
Time Warner Telecom is a facilities-based competitive local exchange carrier (CLEC) owned by Time Warner in partnership with MediaOne Group (formerly U S WEST Media Group) and Advance/Newhouse. Time Warner Telecom operates in selected metropolitan markets across the United States, offering a wide range of business telephony services, primarily to medium and large; sized business customers and other carriers.
Registration statements relating to the securities have been filed with the Securities and Exchange Commission but have not yet become effective. The securities subject to the registration statements may not be sold, nor may offers to buy be accepted prior to the time the registration statement becomes effective. This announcement does not constitute an offer to sell or the solicitation of an offer to buy any securities described herein, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification of such securities under the securities laws of any such state.
Time Warner Inc. (NYSE:TWX), the world's leading media company, consists of four businesses: cablenetworks, publishing, entertainment and cable.