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AOL set for £3bn bond sale

12 April 2012

AOL Time Warner, the world's largest Internet and media company, plans to sell nearly £3 billion of global bonds, it was revealed yesterday.

The sale by AOL is expected to take place today, sources said.AOL said last week it would take a multi-billion pound quarterly charge to reflect a steep decline in the value of AOL's purchase of Time Warner.

The strategy is viewed positively by most analysts, but some question whether the media giant will be able to resist further acquisitions. AOL purchased Bertelsmann using commercial paper and bank financing, and proceeds of today's bond sale are likely to be used to refinance those facilities.

The AOL Time deal is the latest in a series of offerings aimed at terming out, or lengthening, the maturities of short-term debt.

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