Media

Time Warner Cable’s Suitors Lining Up Funds for Bid

Published on November 22, 2013
by Dana Cimilluca, Dana Mattioli, Shalini Ramachandran and Martin Peers

Charter Communications Inc. is nearing an agreement with banks to borrow money for a bid for Time Warner Cable Inc., according to people familiar with the situation — a sign that the scrappy cable operator’s effort to engineer a combination of the two companies may be moving into high gear.

Charter has held talks with Bank of America Corp., Barclays PLC and Deutsche Bank AG about a multi-billion dollar debt package that would underpin an offer for Time Warner Cable, which has a market capitalization of nearly $35 billion, the people said. Another possible source of cash for a bid, according to people familiar with the matter: Sovereign wealth funds and wealthy individuals. Arranging equity commitments from such parties could allow Charter to increase the cash component of the deal without taking on too much debt.

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