Time Warner to sell up to $1B in debt

NEW YORK

Time Warner announced an underwritten public offering of up to $1 billion of debt Friday, split between senior notes due 2022 and senior debentures due 2042.

The New York company, which owns Warner Bros., HBO, CNN, Time and People magazines and other media properties, said the net proceeds from the offering will be used for general corporate purposes.

The notes and debentures will be issued by Time Warner Inc. and guaranteed by Historic TW Inc. In addition, Home Box Office Inc. and Turner Broadcasting System Inc. will guarantee Historic TW Inc.'s obligations, Time Warner said.