FWP 1 g22316f4fwp.htm FWP fwp
Filed Pursuant to Rule 433
Final Term Sheet
March 3, 2010
Relating to Preliminary Prospectus Supplement
dated March 3, 2010
Registration Statement No. 333-165156
Time Warner Inc.
$1,400,000,000 4.875% Notes due 2020
$600,000,000 6.200% Debentures due 2040
             
Issuer:   Time Warner Inc.
 
            
Guarantors:   Historic TW Inc.
 
            
    Home Box Office, Inc.
 
            
    Turner Broadcasting System, Inc.
 
            
Securities:   4.875% Notes due 2020 (the “2020 Notes”)
 
            
    6.200% Debentures due 2040 ( the “2040 Debentures”)
 
            
Size:
  2020 Notes   $1,400,000,000    
 
            
 
  2040 Debentures   $600,000,000    
 
            
Maturity Dates:
  2020 Notes   March 15, 2020
 
            
 
  2040 Debentures   March 15, 2040
 
            
Coupon:
  2020 Notes   4.875%    
 
            
 
  2040 Debentures   6.200%    
 
            
Interest Payment Dates:   March 15 and September 15, commencing September 15, 2010
 
            
Price to Public:
  2020 Notes   99.670%    
 
            
 
  2040 Debentures   99.999%    
 
            
Benchmark Treasury:
  2020 Notes   3.625% due February 15, 2020
 
            
 
  2040 Debentures   4.375% due November 15, 2039
 
            
Benchmark Treasury Yield:
  2020 Notes   3.617%    
 
            
 
  2040 Debentures   4.580%    
 
            
Spread to Benchmark Treasury:
  2020 Notes   Plus 130 bps
 
            
 
  2040 Debentures   Plus 162 bps
 
            
Yield:
  2020 Notes   4.917%    
 
            
 
  2040 Debentures   6.200%    
 
            
Make-Whole Call:
  2020 Notes   Treasury Rate plus 20 bps
 
            
 
  2040 Debentures   Treasury Rate plus 25 bps

 

             
 
            
Expected Settlement Date:
  March 11, 2010 (T+6)        
 
            
Denominations:   Minimum of $2,000 and integral multiples of $1,000 in excess of $2,000
 
            
CUSIP/ISIN:
  2020 Notes   887317 AF2/US887317AF27
 
            
 
  2040 Debentures   887317 AE5/US887317AE51
 
            
Anticipated Ratings:
  2020 Notes   Baa2 by Moody’s Investors Service, Inc.
 
      BBB by Standard & Poor’s Ratings Services
 
            
 
      BBB by Fitch Ratings
 
            
 
  2040 Debentures   Baa2 by Moody’s Investors Service, Inc.
 
      BBB by Standard & Poor’s Ratings Services
 
      BBB by Fitch Ratings
 
            
Joint Book-Running
  Banc of America Securities LLC        
Managers:   Citigroup Global Markets Inc.
    Deutsche Bank Securities Inc.
    Morgan Stanley & Co. Incorporated
    Barclays Capital Inc.
    BNP Paribas Securities Corp.
    J.P. Morgan Securities Inc.
    RBS Securities Inc.
    UBS Securities LLC
    Wells Fargo Securities, LLC
 
            
Senior Co-Managers:   BNY Mellon Capital Markets, LLC
    Credit Agricole Securities (USA) Inc.
    Credit Suisse Securities (USA) LLC
    Daiwa Securities America Inc.
    Goldman, Sachs & Co.
    HSBC Securities (USA) Inc.
    Lloyds TSB Bank plc
    Mitsubishi UFJ Securities (USA), Inc.
    Mizuho Securities USA Inc.
    Samuel A. Ramirez & Company, Inc.
    Scotia Capital (USA) Inc.
    Svenska Handelsbanken AB (publ)
    The Williams Capital Group, L.P.
Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.
The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering.
You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Banc of America Securities LLC toll free at 1 800 294 1322, Citigroup Global Markets Inc. toll free at 1-877-858-5407, Deutsche Bank Securities Inc. toll free at 1-800-503-4611 or Morgan Stanley & Co. Incorporated toll free at 1-866-718-1649.