1 Turner Broadcasting System Inc. said it expects to report an extraordinary loss of about $122 million in the fourth quarter due to early retirement of debt.
2 The cable programmer said the loss will consist primarily of prepayment penalties, and unamortized issue discount and costs related to its just-completed $1.6 billion refinancing of its long-term debt and some preferred stock in one of its subsidiaries.
3 A Turner spokesman wouldn't speculate on the extent of the charge's effect on the quarter's earnings, but said the company continues to expect to report a net loss for 1989.
4 The company said the repayment or redemption of the long-term debt, and the outstanding Class A cumulative exchangeable preferred stock of Cable News Network, was made possible by an offering of about $750 million of debentures and notes and $900 million in bank borrowings.
5 The offering included $550 million of 12% senior subordinated debentures due 2001 and $200 million of zero coupon liquid yield option notes due 2004.
6 The notes were priced to yield 8% and are convertible into the company's Class B common stock at a price which represents a 15% premium over the market price on Oct. 10, 1989.
7 In addition, the company called its 12 7/8% senior subordinated notes due 1994, with an aggregate principal amount of $200 million, for redemption on Dec. 15.
8 As a result of the refinancing, the company said the interest on the debt will fall to slightly more than 11% from slightly more than 14%.
9 In American Stock Exchange composite trading, Turner's Class A stock closed at $50.50, down 37.5 cents.

The company said the repayment or redemption of the long - term debt , and the outstanding Class A cumulative exchangeable preferred stock of Cable News Network , was made possible by an offering of about $ 750 million of debentures and notes and $ 900 million in bank borrowings .
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Were these stocks in the cable company?