New Issue: Time Warner Telecom sells $200 million add-on to 9¼% notes of 2015 at 100.25, 9.2% yield

By Paul A. Harris

St. Louis, Feb. 3 - Time Warner Telecom Holdings Inc. priced a $200 million add-on to its 9¼% senior notes due Feb. 15, 2014 at 100.25 on Thursday, resulting in a 9.2% yield to worst, according to a syndicate source.

Price talk was 100.5 to 101.5.

Morgan Stanley and Lehman Brothers were bookrunners for the Rule 144A/Regulation S add-on. Wachovia Securities was joint lead manager.

Proceeds will be used to fund capital expenditures.

The original $200 million issue priced on Feb. 10, 2004. After Thursday's add-on, the issue stands at $400 million.

The issuer is a Littleton, Colo.-based provider of managed network solutions to businesses and organizations in 44 U.S. metropolitan areas.

Issuer:	Time Warner Telecom Holdings Inc.
Amount:	$200 million
Maturity:	Feb. 15, 2014
Security description:	Add-on its 9¼% senior notes due Feb. 15, 2014
Bookrunners:	Morgan Stanley, Lehman Brothers
Joint lead manager:	Wachovia Securities
Coupon:	9¼%
Price:	100.25
Yield to worst:	9.2%
Spread:	522 basis points
Call features:	Callable after Feb. 15, 2009 at 104.625, 103.083, 101.542, par on and after Feb. 15, 2012
Equity clawback:	Until Feb. 15, 2007 for 35% at 109.250
Trade date:	Feb. 3
Settlement date:	Feb. 9 flat
Price talk:	100.5-101.5

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