Filed Pursuant to Rule 433
Final Term Sheet
November 29, 2016
Relating to Preliminary Prospectus Supplement
dated November 29, 2016
Registration Statement No. 333-209704
Time Warner Inc.
$1,500,000,000 3.80% Notes due 2027
| Issuer: | Time Warner Inc. | |
| Guarantors: | Historic TW Inc.
Home Box Office, Inc.
Turner Broadcasting System, Inc. | |
| Securities: | $1,500,000,000 3.80% Notes due 2027 (the “Notes”) | |
| Size: | $1,500,000,000 | |
| Maturity Date: | February 15, 2027 | |
| Coupon: | 3.80% | |
| Interest Payment Dates: | February 15 and August 15, commencing August 15, 2017 | |
| Price to Public: | 99.615% | |
| Benchmark Treasury: | 2.000% due November 15, 2026 | |
| Benchmark Treasury Yield: | 2.295% | |
| Spread to Benchmark Treasury: | Plus 155 bps | |
| Yield: | 3.845% | |
| Make-Whole Call: | Treasury Rate plus 25 bps at any time prior to November 15, 2026 (three months prior to maturity); par call at any time on or after November 15, 2026 | |
| Expected Settlement Date: | December 8, 2016 (T+7) | |
| CUSIP/ISIN: | 887317BB0 / US887317BB04 | |
| Ratings: | Baa2 by Moody’s Investors Service, Inc. BBB by Standard & Poor’s Ratings Services BBB+ by Fitch Ratings, Inc. | |
| Joint Book-Running Managers: | Barclays Capital Inc. Citigroup Global Markets Inc. Mizuho Securities USA Inc. Wells Fargo Securities, LLC BNP Paribas Securities Corp. Credit Agricole Securities (USA) Inc. Morgan Stanley & Co. LLC RBS Securities Inc. Santander Investment Securities Inc. SG Americas Securities, LLC SMBC Nikko Securities America, Inc. |
| Senior Co-Managers: | BNY Mellon Capital Markets, LLC Credit Suisse Securities (USA) LLC Deutsche Bank Securities Inc. J.P. Morgan Securities LLC Merrill Lynch, Pierce, Fenner & Smith Incorporated MUFG Securities Americas Inc. Samuel A. Ramirez & Company, Inc. Scotia Capital (USA) Inc. Siebert Cisneros Shank & Co., L.L.C. |
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 Barclays Capital Inc. toll free at 888-603-5847, Citigroup Global Markets Inc. toll free at 800-831-9146, Mizuho Securities USA Inc. toll free at 866-271-7403 and Wells Fargo Securities, LLC toll free at 800-645-3751.