Time Warner Cable 2007 Annual Report Download - page 8

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Corporate Structure
The following chart illustrates TWC’s corporate structure as of December 31, 2007. The subscriber and RGU
numbers, long-term debt and preferred equity balances presented below are approximate as of December 31, 2007.
Certain intermediate entities and certain preferred interests held by TWC or subsidiaries of TWC are not reflected.
The subscriber and RGU counts within each entity indicate the number of basic video subscribers and RGUs
attributable to cable systems owned by such entity. Basic video subscriber numbers reflect billable subscribers who
receive at least TWC’s basic video service. RGUs reflect the total of all TWC basic video, digital video, high-speed
data, Digital Phone and circuit-switched telephone service customers.
Time Warner Cable Inc.
(“TWC”)
(Issuer of $5.0 billion principal amount of debt securities;
obligor under $9.045 billion bank facilities and issuer of
commercial paper; guarantor under TWE’s $3.2 billion
principal amount of debt securities)(1)(2)
Time Warner Cable LLC
0.9 million subscribers
2.2 million RGUs
TW NY Cable Holding Inc.
(“TW NY Holding”)
(Guarantor under TWC’s $5.0 billion principal amount of debt
securities, bank facilities and commercial paper; guarantor under
TWE’s $3.2 billion principal amount of debt securities)(1)
Time Warner NY Cable LLC(3)
(“TW NY”)
(Issuer of $300 million of Series A Preferred
Equity Membership Units held by third parties)
4.1 million subscribers
9.0 million RGUs
Time Warner Entertainment Company, L.P.
(“TWE”)
(Guarantor under TWC’s $5.0 billion principal amount of debt
securities, bank facilities and commercial paper; issuer of $3.2
billion principal amount of debt securities)(1)
3.5 million subscribers
8.6 million RGUs
Time Warner Entertainment-Advance/Newhouse
Partnership (“TWE-A/N”)
4.8 million subscribers(4)
12.3 million RGUs
Time Warner Inc. Public Stockholders
12.43% non-voting
common stock
Indirect
Indirect
Class A and Class B
Common Stock
Class A
Common Stock
84.04% 15.96%
Indirect
42.51% GP
2.19% LP
2.9%
economic
interest and
$1.2 billion
TWE-A/N
preferred
equity
interest
100% common
87.57% non-voting common stock
100% voting common stock
100% common
51.55% GP, 3.75% LP and
$2.4 billion TWE preferred equity interest
97.1% economic interest and
$378 million TWE-A/N preferred equity interest
(1)
The principal amount of TWE’s debt securities excludes an unamortized fair value adjustment of $126 million.
(2)
TWC is also the obligor under an intercompany loan from TWE with an aggregate principal amount of $3.4 billion.
(3)
TW NY is also the obligor under an intercompany loan from TWC with an aggregate principal amount of $8.7 billion.
(4)
The subscribers, RGUs and economic ownership interests listed in the chart for Time Warner Entertainment-Advance/Newhouse
Partnership (“TWE-A/N”) relate only to those TWE-A/N systems in which TWC has an economic interest and over which TWC exercises
day-to-day supervision. See “—Operating Partnerships and Joint Ventures—TWE-A/N Partnership Agreement” for a more detailed
description of the TWE-A/N capital structure.
3