Financing: Debt-laden Time Warner, in its continuing...

Financing: Debt-laden Time Warner, in its continuing quest to slash interest costs, is offering $1 billion in 40-year bonds in Time Warner Entertainment, with plans to use the money to repay higher-cost, shorter-term debt. The securities, which do not mature until 2033, were offered in a private placement and priced at 1.8 percentage points above the 30-year Treasury bond. Time Warner Entertainment is a Time Warner partnership that owns the company’s cable systems, Home Box Office television service and Warner Bros. film studio. Other investors include Toshiba Corp., Itochu Corp. and US West Inc.