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TIME WARNER ANNOUNCES OFFERING

 NEW YORK, June 15 /PRNewswire/ -- Time Warner Inc. (TWX: NYSE) announced today that it filed a preliminary prospectus supplement for an offering through Merrill, Lynch & Co. of $2 billion principal amount of Time Warner Liquid Yield Option Notes (LYONs(TM)) due 2013, convertible at the option of the holder for shares of Time Warner common stock. The anticipated proceeds of the offering are estimated at approximately $750 million and will be used together with available cash and equivalents to redeem a like principal amount of Time Warner's 8-3/4 percent convertible subordinated debentures due 2015. Merrill Lynch has a 30-day option to purchase up to an additional 15 percent of the LYONs.
 The LYONs offering of zero coupon senior notes will be the first take down by Time Warner under the shelf registration statement it filed in February 1993. The conversion rate will be equivalent to an initial conversion price of $48 per share of common stock, slightly higher than the conversion price of the Time Warner 8-3/4 percent convertible subordinated debentures being redeemed. The holder will be able to put any LYON to the company at the fifth, tenth, and fifteenth anniversary of the issue and the company will be able to satisfy its obligation by paying cash or issuing shares of common stock valued at its then market value or in any combination. The LYONs will be callable by the company at any time after the fifth anniversary of the offering.
 The offering is made only through a prospectus, which may be obtained from Merrill Lynch & Co.
 Time Warner is the world's leading media and entertainment company, with interests in magazine and book publishing, recorded music and music publishing, filmed entertainment, cable television and cable television programming.
 (TM) -- Trademark of Merrill Lynch and Co.
 -0- 6/15/93
 /CONTACT: Edward Adler, 212-484-6630, for Time Warner/
 (TWX)


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

SM -- NY020 -- 2040 06/15/93 10:36 EDT
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Copyright 1993 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Jun 15, 1993
Words:330
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