AOL Time Warner Plans Global Bond Sale
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AOL Time Warner Inc. plans to sell $4 billion of global bonds by today, becoming the latest company to turn to the bond market to rid itself of short-term debt, people familiar with the sale said.
The world’s largest Internet and media company plans to use proceeds to reduce commercial paper, which is unsecured, often inexpensive debt maturing within 270 days that companies use to fund day-to-day operations, the sources said.
AOL Time Warner plans to sell three-, five- and 10-year notes, as well as 30-year bonds. Its shares rose 35 cents to $23.62 on the New York Stock Exchange.
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