AT&T's Pacific Bell unit calls 6.625% debentures due 2034 at 101.12

By Marisa Wong

Madison, Wis., Aug. 28 - AT&T Inc. subsidiary Pacific Bell Telephone Co. plans to redeem all of its outstanding 6.625% debentures due Oct. 15, 2034 on Oct. 15, according to an 8-K filing with the Securities and Exchange Commission.

The debentures will be redeemed at 101.12 for a total cash payment of roughly $556 million, which includes the $550 million of outstanding principal and a call premium of about $6 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 Wednesday.

The telecommunications company is based in Dallas. The subsidiary is based in San Francisco.

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