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Time Warner Cable, Pacific Gas plan to sell bonds

Thu Nov 13, 2008 9:27am EST

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NEW YORK, Nov 13 (Reuters) - Time Warner Cable (TWC.N) is expected to sell an undisclosed amount of 5-year and 10-year bonds Thursday to fund a special dividend totaling $10.9 billion, according to IFR, a Thomson Reuters publication.

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The dividend will be paid to shareholders as part of the separation of Time Warner Cable from Time Warner Inc TWX.N.. The company will use part of the proceeds to pay down debt, said IFR. Pricing is expected later Thursday.

The deal will be lead managed by Citigroup, Deutsche Bank, Goldman Sachs and Japan's Mizuho Financial Group.

Separately, Pacific Gas and Electric (PCG.N) is expected to sell $600 million in 5-year notes via JPMorgan, Morgan Stanley, and Royal Bank of Scotland, said IFR. (Reporting by Ciara Linnane; Editing by James Dalgleish)

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