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TIME WARNER $2 BILLION SENIOR DEBT RATED 'BBB-' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Jan. 29 /PRNewswire/ -- Time Warner Inc.'s new issues of senior debt totalling $2 billion are rated 'BBB-' by Fitch. The new issues are: $1 billion 9.15 percent debentures due 2023, $500 million 7.45 percent senior notes due 1998, and $500 million 7.95 percent senior notes due 2000.
 Proceeds of the offerings, along with the proceeds from the recently offered $1 billion 9.125 percent senior debentures and $1.5 billion face value (approximately $500 million in proceeds) liquid yield option notes, will be used to redeem all of the company's 11% series D convertible preferred stock. The series D preferred, which have been accreting at 11 percent and require mandatory cash dividend payments beginning in 1994, were redeemable at the company's option as of Jan. 10, 1993. The redemption is part of the Time Warner's continuing effort to lower its financing costs and strengthen its balance sheet.
 -0- 1/29/93
 /CONTACT: Keith B. Foley of Fitch, 212-908-0572/
 (TWX)


CO: Time Warner Inc. ST: New York IN: ENT SU: RTG

PS -- NY053 -- 0766 01/29/93 12:37 EST
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Publication:PR Newswire
Date:Jan 29, 1993
Words:185
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