AT&T announces completion of exchanges of 13 notes in two pools

By Cady Vishniac

Detroit, Dec. 7 –AT&T Inc. has completed its exchange offers on Monday for 13 notes in two pools, according to an 8-K filing with the Securities and Exchange Commission.

As previously reported, the company accepted all notes validly tendered by the early exchange deadline, raising its initial cap in order to do so.

The company began private exchange offers for the notes on Nov. 17. The early results of the exchange offers and pricing were announced Dec. 2.

Under pool 1, the company is offering a new series of 3.8% global senior notes due 2057 in exchange for four series of outstanding notes. In pool 2, the company is offering a new series of 2.55% global senior notes due 2033 and cash in exchange for nine series of outstanding notes.

The early deadline was 5 p.m. ET on Dec. 1. Pricing occurred at 11 a.m. ET on Dec. 2.

The exchange offers were set to expire at 11:59 p.m. ET on Dec. 15. No new tenders were accepted about the early deadline.

Pool 1 exchanges

The final results for the pool 1 notes are as follows:

• $1,142,898,000 of AT&T’s 4.8% global notes due 2044 (Cusip: 00206RCG5) were exchanged for $1,222.81 in new 2057 notes per $1,000 principal amount, with $606,975,000 in notes left outstanding;

• $2,441,951,000 of AT&T’s 4.5% global notes due 2048 (Cusips: 00206RDL3, 00206RDJ8) were exchanged for $1,173.10 in new 2057 notes per $1,000 principal amount, with $1,734,492,000 in notes left outstanding;

• $780,865,000 of AT&T’s 4.35% global notes due 2045 (Cusip: 00206RBK7) were exchanged for $1,155.53 in new 2057 notes per $1,000 principal amount, with $1,115,280,000 in notes left outstanding; and

• $659,355,000 of AT&T’s 4.3% global notes due 2042 (Cusips: 00206RBH4, 00206RBG6) were exchanged for $1,153.74 in new 2057 notes per $1,000 principal amount, with $1,296,794,000 in notes left outstanding.

In each case, there was also an early participation payment. The pool 1 payment was equal to $50 principal amount of new notes.

Pool 2 exchanges

The final results for the pool 2 notes are as follows:

• $4,441,000 of Pacific Bell Telephone Co.’s 7.125% debentures due March 15, 2026 (Cusip: 694032AT0) were exchanged for $1,000.33 in new 2033 notes and $300.49 cash per $1,000 principal amount, with $218,516,000 in notes left outstanding;

• $838,595,000 of AT&T’s 4.125% global notes due 2026 (Cusip: 00206RCT7) were exchanged for $1,157.47 in new 2033 notes per $1,000 principal amount, with $1,811,405,000 in notes left outstanding;

• $238,855,000 of AT&T’s 3.875% global notes due 2026 (Cusip: 00206RHT2) at $1,142.85 in new 2033 notes per $1,000 principal amount, with $302,286,000 in notes left outstanding;

• $346,897,000 of AT&T’s 2.95% global notes due 2026 (Cusip: 00206RHV7) were exchanged for $1,106.11 in new 2033 notes per $1,000 principal amount, with $360,361,000 in notes left outstanding;

• $9,121,000 of Ameritech Capital Funding Corp.’s 6.55% debentures due Jan. 15, 2028 (Cusip: 030955AN8) were exchanged for $1,142.23 in new 2033 notes and $173.38 cash per $1,000 principal amount, with $91,127,000 in notes left outstanding;

• $20,137,000 of BellSouth Telecommunications, LLC’s 6.375% debentures due June 1, 2038 (Cusip: 079867AW7) were exchanged for $1,189.16 in new 2033 notes and $125.85 cash per $1,000 principal amount, with $177,054,000 in notes left outstanding;

• $716,642,000 of AT&T’s 4.1% global notes due 2028 (Cusips: 00206RGL0, 00206RER9) were exchanged for $1,174.51 in new 2033 notes per $1,000 principal amount, with $1,732,369,000 in notes left outstanding;

• $510,049,000 of AT&T’s 4.25% global notes due 2027 (Cusip: 00206RDQ2) were exchanged for $1,169.49 in new 2033 notes per $1,000 principal amount, with $1,489,951,000 in notes left outstanding; and

• $570,240,000 of AT&T’s 3.8% global notes due 2027 (Cusip: 00206RHW5) were exchanged for $1,142.64 in new 2033 notes per $1,000 principal amount, with $758,954,000 in notes left outstanding (AT&T initially announced that $570,241,000 of the notes had been tendered).

In each case, there was also an early participation payment. The pool 2 payment was equal to $50 principal amount of new notes.

Details

Holders will also receive accrued interest in cash.

The exchange agent and information agent is Global Bondholders Services Corp. (866 470-3900, 212 430-3774, contact@gbsc-usa.com).

AT&T is a telecommunications services provider based in Dallas.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.