Time Warner Cable prices $5 billion debt offering

This includes $1.5 billion of 6.2 percent notes due 2013, $2 billion of 6.75 percent notes due 2018 and $1.5 billion of 7.3 percent debentures due 2038.

The company said it plans to use part of the proceeds to pay a one-time dividend to shareholders just before its separation from Time Warner Inc.

Time Warner Cable expects the sale of the debt securities close on June 19.

Shares fell 65 cents, or 2.3 percent, to $28.04 in midday trading.