Shearman & Sterling represented the underwriters, led by Barclays Capital Inc., Citigroup Global Markets Inc., Mizuho Securities USA Inc. and Wells Fargo Securities, LLC, as the active joint book-running managers in connection with Time Warner Inc.’s offering of $1.5 billion aggregate principal amount of 3.80% notes due 2027. The notes are guaranteed by certain of Time Warner’s domestic subsidiaries.
Shearman & Sterling also represented Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. as dealer-managers on Time Warner’s cash tender offer for $3 billion aggregate principal amount of the outstanding debt securities of Time Warner and Historic TW Inc. (including in its capacity as successor by merger to Time Warner Companies, Inc.).
Time Warner is a leading media and entertainment company with businesses in television networks, film and TV entertainment.
On October 22, 2016, Time Warner entered into a merger agreement with AT&T Inc., pursuant to which Time Warner will combine with AT&T Inc. in a stock-and-cash transaction (the “Merger”). The Merger is subject to approval by Time Warner stockholders and the receipt of certain antitrust and other required regulatory consents. The Merger is expected to close before year-end 2017.