BANKING & FINANCE - Aug. 7, 1991

Time Warner Completes Offering: Time Warner Inc. announced that more than 98.3% of the rights were exercised in its $2.76-billion offering, which expired Monday. The New York media giant will use the funds from the $80-per-share offering to reduce its debt by 23%. Time Warner was forced to withdraw an earlier, variable-rate offering because of protests from shareholders and the Securities and Exchange Commission. Analysts say the company should have an easier time attracting equity investors now that its $11-billion debt load is reduced.