AOL Time Warner Announces Redemption of All 23 Million Time Warner 8 7/8% Preferred Trust Securities.Business Editors NEW YORK--(BUSINESS WIRE)--Jan. 16, 2001 AOL (A division of Time Warner, Inc., New York, NY, www.aol.com) The world's largest online information service with access to the Internet, e-mail, chat rooms and a variety of databases and services. Time Warner Inc. (NYSE NYSE See: New York Stock Exchange : AOL) announced today the redemption of all 23 million outstanding 8 7/8% Preferred Trust Securities issued by Time Warner Capital I, an affiliated, Delaware statutory business trust. The redemption date Redemption date The date on which a bond matures or is redeemed. redemption date The date on which a debt security is scheduled to be redeemed by the issuer. The redemption date is the scheduled maturity date or, if applicable, a call date. will be February 13, 2001 and the redemption price Redemption price See: Call price redemption price 1. The price at which an open-end investment company will buy back its shares from the owners. In most cases, the redemption price is the net asset value per share. 2. per trust security will be $25 plus accrued and unpaid distributions thereon equal to $0.2650174, for a total of approximately $581 million. Bank One, the trustee for the Preferred Trust Securities, will act as paying agent. AOL Time Warner Inc. (NYSE: AOL) is the world's first Internet-powered media and communications company, whose industry-leading businesses include interactive services, cable systems, publishing, music, cable networks and filmed entertainment. |
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