Time Warner Cable 2008 Annual Report Download - page 15

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Structure Chart after the Separation Transactions:
Time Warner Cable Inc.
(“TWC”)
(Issuer of $12.0 billion principal amount of debt securities; obligor
under $10.852 billion bank facilities (including the 2008 Bridge
Facility) 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 $10.852 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 $10.852 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)
Public Stockholders
100% common stock
42.51% GP
2.19% LP
2.9%
economic
interest and
$1.2 billion
TWE-A/N
preferred
equity
interest
100%
100% 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 the $138 million commitment of Lehman Brothers Commercial Bank under the 2008 Bridge Facility and the
$125 million undrawn commitment of LBB from TWC’s available borrowing capacity under 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.
5