(Corrects to fix spelling of dividend in last paragraph)
April 8 (Reuters) - Time Warner Inc said its soon-to-be-divested magazine unit Time Inc plans to raise $1.4 billion of debt.
Time Inc, which publishes titles such as Time, Fortune and People, said it would offer unsecured senior notes and enter into a secured term-loan facility.
Last year, Time Warner said it would spin off Time Inc, ending weeks of merger negotiations with Meredith Corp.
Time intends to use the proceeds to fund the acquisition of Time Inc's U.K. publishing business, which is currently a unit of Time Warner, and pay a special cash dividend to its parent. (Reporting by Soham Chatterjee; Editing by Saumyadeb Chakrabarty)