REFILE-Time Inc to raise $1.4 bln of debt
(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)
- Tweet this
- Share this
- Digg this
- Israel strikes house of Hamas Gaza leader, digs in for long fight |
- Nigeria isolates hospital in Lagos as Obama briefed on Ebola outbreak
- West agrees wider Russia sanctions as Kiev says forces near crash site |
- U.S. says Russia violated nuclear treaty, urges immediate talks
- Court orders Russia to pay $50 billion for seizing Yukos assets |