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Time Warner Cable Borrows $1.25 Billion With 30-Year Debentures

Time Warner Cable Inc. raised $1.25 billion with its second offering of 30-year bonds in less than two months after beating analysts’ profit estimates last week.

The 4.5 percent, senior unsecured bonds maturing in September 2042 were sold at 99.44 cents on the dollar to yield 183 basis points more than similar-maturity Treasuries, according to data compiled by Bloomberg.

The second-largest U.S. cable-television provider’s $1.25 billion of 5.5 percent obligations due in September 2041 fell 4.1 cents to yield 4.7 percent with a 194.6 basis-point spread at 3:06 p.m. in New York, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority.

Time Warner Cable, which last sold 30-year obligations June 20 with a 650 million pound ($1 billion) sale of 5.25 percent securities, will use proceeds from the new bonds to fund general corporate purposes that may include debt repayment, the New York-based company said today in a regulatory filing.

The cable provider that was spun off from Time Warner Inc. in 2009 reported second-quarter profit of $452 million on Aug. 2, which exceeded analyst projections of $424 million, according to Bloomberg estimates.

BNP Paribas SA, Citigroup Inc. and Morgan Stanley managed the sale, according to the filing. The new debt was rated Baa2 by Moody’s Investors Service, two levels above speculative grade, and an equivalent BBB by Standard & Poor’s.

Comcast Corp. is the largest U.S. cable company.

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