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TW’s billion $ bond selloff

Media giant working to lower $17 bil debt

Time Warner Inc. will sell about $1 billion in long-term bonds today to refinance existing debt in the media giant’s latest effort to reduce its funding costs.

TW is selling $500 million of 40-year bonds and another $500 million of 20-year bonds, sources said. The bonds are expected to be used to refinance part of Time Warner’s existing debt of about $17 billion. Time Warner declined comment.

The offering is underwritten by Merrill Lynch and Morgan Stanley Dean Witter. Time Warner stock fell 56¢ to $77 Tuesday.

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