Time Warner Cable 2008 Annual Report Download - page 14

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Structure Chart prior to the Separation Transactions:
Time Warner Cable Inc.
(“TWC”)
(Issuer of $12.0 billion principal amount of debt securities;
obligor under $8.920 billion bank facilities and issuer of
commercial paper; guarantor under TWE’s $2.6 billion
principal amount of debt securities)(1)(2)(3)
Time Warner Cable LLC
0.9 million subscribers, 2.5 million RGUs
TW NY Cable Holding Inc.
(“TW NY”)
(Guarantor under TWC’s $12.0 billion principal amount of debt
securities and $8.920 billion bank facilities and commercial paper;
guarantor under TWE’s $2.6 billion principal amount of debt securities)(1)
Time Warner NY Cable LLC
(“TW NY Cable”)
(Issuer of $300 million of Series A Preferred
Equity Membership Units held by third parties)(4)
4.0 million subscribers, 9.6 million RGUs
Time Warner Entertainment Company, L.P.
(“TWE”)
(Guarantor under TWC’s $12.0 billion principal amount of debt
securities and $8.920 billion bank facilities and commercial paper;
issuer of $2.6 billion principal amount of debt securities)(1)(2)
3.4 million subscribers, 9.2 million RGUs
Time Warner Entertainment-Advance/Newhouse Partnership
(“TWE-A/N”)
4.8 million subscribers, 12.9 million RGUs(5)
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%
42.51% GP
2.19% LP
2.9%
economic
interest and
$1.2 billion
TWE-A/N
preferred
equity
interest
100%
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 $114 million.
(2)
TWC is also the obligor under an intercompany loan from TWE with an aggregate principal amount of $5.2 billion.
(3)
The bank facilities exclude $2.070 billion in commitments of the lenders under the 2008 Bridge Facility, $1.535 billion in commitments of
Time Warner under the Supplemental Credit Agreement and the $125 million undrawn commitment of Lehman Brothers Bank, FSB
(“LBB”) from TWC’s available borrowing capacity under its $6.0 billion senior unsecured five-year revolving credit facility (the
“Revolving Credit Facility”). For more about the Lehman Brothers Holdings Inc. bankruptcy, see “Management’s Discussion and Analysis
of Results of Operations and Financial Condition—Financial Condition and Liquidity—Outstanding Debt and Mandatorily Redeemable
Preferred Equity and Available Financial Capacity—Lending Commitments.”
(4)
TW NY Cable is also the obligor under an intercompany loan from TWC with an aggregate principal amount of $8.7 billion.
(5)
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 management. See “—Operating Partnerships and Joint Ventures—TWE-A/N Partnership Agreement” for a more detailed
description of the TWE-A/N capital structure.
4