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Time Inc. to Buy IPC Media in U.K.

The publishing company plans to raise $1.4 billion of debt via a term loan and an offering of unsecured senior notes to finance the acquisition.

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TIME INC.’S LATEST BUY: In the wake of its spin-off from parent company Time Warner, Time Inc. said Tuesday that it plans to raise $1.4 billion of debt via a term loan and an offering of unsecured senior notes. The publishing company will use the money to finance the acquisition of its U.K. publishing business, IPC Media, which is currently owned by Time Warner. Time Warner won’t be a guarantor or provide credit support for the notes or the loan, the cable company said.

Time Warner bought IPC, which publishes the U.K editions of magazines such as InStyle, Marie Claire, Woman’s Weekly and Wallpaper in 2001 for about $1.67 billion.

Sources within Time Inc. said the company is preparing to spin off from Time Warner in June.