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Time Warner Telecom calls floating-rate notes
By Laura Lutz
Des Moines, Oct. 6 - Time Warner Telecom Inc. subsidiary Time Warner Telecom Holdings Inc. called for redemption all of its $240 million of second priority senior secured floating-rate notes with a coupon of Libor plus 400 basis points.
The notes will be redeemed on Nov. 6 at 102% of par, for a total premium of $4.8 million.
The redemption will be funded with proceeds from Time Warner Telecom Holdings' $600 million term loan B, part of a $700 million senior secured credit facility that it completed on Oct. 6.
After the redemption of the floating-rate notes, the nearest scheduled maturity for Time Warner Telecom's outstanding debt will be 2013.
Time Warner Telecom is a provider of managed network services based in Littleton, Colo.
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