fwp
Filed Pursuant to Rule 433
Final Term Sheet
October 12, 2011
Relating to Preliminary Prospectus Supplement
dated October 12, 2011
Registration Statement No. 333-165156
Time Warner Inc.
$500,000,000 4.00% Notes due 2022
$500,000,000 5.375% Debentures due 2041
         
Issuer:   Time Warner Inc.
Guarantors:   Historic TW Inc.
    Home Box Office, Inc.
    Turner Broadcasting System, Inc.
Securities:   $500,000,000 4.00% Notes due 2022 (the “2022 Notes”)
    $500,000,000 5.375% Debentures due 2041 (the “2041 Debentures”)
Size:
  2022 Notes   $500,000,000 
 
  2041 Debentures   $500,000,000 
Maturity Dates:
  2022 Notes   January 15, 2022
 
  2041 Debentures   October 15, 2041
Coupon:
  2022 Notes   4.00% 
 
  2041 Debentures   5.375% 
Interest Payment Dates:
  2022 Notes   January 15 and July 15, commencing January 15, 2012
 
  2041 Debentures   April 15 and October 15, commencing April 15, 2012
Price to Public:
  2022 Notes   98.297% 
 
  2041 Debentures   99.366% 
Benchmark Treasury:
  2022 Notes   2.125% due August 15, 2021
 
  2041 Debentures   4.375% due May 15, 2041
Benchmark Treasury Yield:
  2022 Notes   2.207% 
 
  2041 Debentures   3.168% 
Spread to Benchmark Treasury:
  2022 Notes   Plus 200 bps
 
  2041 Debentures   Plus 225 bps
Yield:
  2022 Notes   4.207% 
 
  2041 Debentures   5.418% 

 

 

         
Make-Whole Call:
  2022 Notes   Treasury Rate plus 30 bps
 
  2041 Debentures   Treasury Rate plus 35 bps
Expected Settlement Date:   October 17, 2011 (T+3)
Denominations:   Minimum of $2,000 and integral multiples of $1,000 in excess of $2,000
CUSIP/ISIN:
  2022 Notes   887317 AN5 / US887317AN50
 
  2041 Debentures   887317 AM7 / US887317AM77
Ratings:
  2022 Notes   Baa2 by Moody’s Investors Service, Inc.
 
      BBB by Standard & Poor’s Ratings Services
 
      BBB by Fitch Ratings
 
  2041 Debentures   Baa2 by Moody’s Investors Service, Inc.
 
      BBB by Standard & Poor’s Ratings Services
 
      BBB by Fitch Ratings
Joint Book-Running Managers:   Citigroup Global Markets Inc.
    Goldman, Sachs & Co.
    J.P. Morgan Securities LLC
    UBS Securities LLC
    Credit Agricole Securities (USA) Inc.
    Credit Suisse Securities (USA) LLC
    Merrill Lynch, Pierce, Fenner & Smith Incorporated
    Mizuho Securities USA Inc.
    Morgan Stanley & Co. LLC
    SMBC Nikko Capital Markets Limited
Senior Co-Managers:   Barclays Capital Inc.
    BNP Paribas Securities Corp.
    BNY Mellon Capital Markets, LLC
    Deutsche Bank Securities Inc.
    Lloyds Securities Inc.
    Mitsubishi UFJ Securities (USA), Inc.
    Muriel Siebert & Co., Inc.
    RBS Securities Inc.
    Samuel A. Ramirez & Company, Inc.
    Santander Investment Securities Inc.
    Scotia Capital (USA) Inc.
    Wells Fargo Securities, LLC
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 and prospectus supplement) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and the related prospectus supplement 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 Citigroup Global Markets Inc. toll free at (877) 858-5407, Goldman, Sachs & Co. toll free at (866) 471-2526, J.P. Morgan Securities LLC at (212) 834-4533 and UBS Securities LLC toll free at (877) 827-6444 ext. 561 3884.