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AT&T's Pacific Bell unit calls 7.375% debentures due 2043 at 102.89
By Marisa Wong
Madison, Wis., May 24 - AT&T Inc. subsidiary Pacific Bell Telephone Co. plans to redeem all of its outstanding 7.375% debentures due July 15, 2043 on July 15, according to an 8-K filing with the Securities and Exchange Commission.
The debentures will be redeemed at 102.89 for a total cash payment of roughly $309 million, which includes the $300 million of outstanding principal and a call premium of about $9 million.
The redemption is expected to be funded by cash on hand, the filing noted.
The issuer delivered a notice of redemption to trustee Bank of New York Mellon Trust Co., NA on Friday.
The telecommunications company is based in Dallas. The subsidiary is based in San Francisco.
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