Time Warner extends maturity of two revolvers to December 2018

By Toni Weeks

San Luis Obispo, Calif., Dec. 19 - Time Warner Inc. amended its $2.5 billion senior unsecured revolving credit facility due Sept. 27, 2016 and its $2.5 billion senior unsecured revolving credit facility due Dec. 14, 2017, according to an 8-K filing with the Securities and Exchange Commission.

The Dec. 18 amendment extends the maturity dates of both revolvers to Dec. 18, 2018 and provides for up to two additional one-year extensions, with lender consent, for each revolver.

The interest rate for either facility is Libor plus 110 basis points as of Dec. 18 and is based on the credit rating of the company's senior unsecured debt. The facility fee is 15 bps per year.

There were no borrowings outstanding under the revolving credit facilities at closing, the release said.

Time Warner International Finance Ltd. is an additional borrower for the facilities, which were originally dated Jan. 19, 2011 and amended and restated on Dec. 14, 2012.

Citibank, NA is the administrative agent.

The media and entertainment company is based in New York.

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