AT&T prices any-and-all cash tender offers for 53 series of notes

By Angela McDaniels

Tacoma, Wash., Dec. 16 – AT&T Inc. set pricing in its tender offers for 53 series of outstanding notes issued by its wholly owned subsidiaries.

The tender offers began Nov. 18 and were scheduled to expire at 11:59 p.m. ET on Dec. 16. The settlement date is expected to be Dec. 19.

The company will pay the following:

• $1,115.50 per $1,000 principal amount of Michigan Bell Telephone Co.’s $102.8 million of 7.85% debentures due Jan. 15, 2022, with pricing set using the 1.625% Treasury due Nov. 15, 2022 plus 45 basis points;

• $1,037.86 per $1,000 principal amount of Time Warner’s $77.9 million of 4% notes due 2022, with pricing set using the 1.625% Treasury due Nov. 15, 2022 plus 45 bps;

• $1,036.48 per $1,000 principal amount of DirecTV Holdings LLC and DirecTV Financing Co., Inc.’s $65,028,000 of 3.8% senior notes due 2022, with pricing set using the 1.625% Treasury due Nov. 15, 2022 plus 45 bps;

• $1,030.82 per $1,000 principal amount of Time Warner’s $95,318,000 of 3.4% notes due 2022, with pricing set using the 1.625% Treasury due Nov. 15, 2022 plus 45 bps;

• $1,207.59 per $1,000 principal amount of Historic TW Inc.’s $115,871,000 of 9.15% debentures due 2023, with pricing set using the 1.5% Treasury due Oct. 31, 2024 plus 50 bps;

• $1,063.66 per $1,000 principal amount of Time Warner’s $88,713,000 of 4.05% notes due 2023, with pricing set using the 1.5% Treasury due Oct. 31, 2024 plus 65 bps;

• $1,202.86 per $1,000 principal amount of Historic TW’s $49,643,000 of 7.57% debentures due 2024, with pricing set using the 1.5% Treasury due Oct. 31, 2024 plus 65 bps;

• $1,079.64 per $1,000 principal amount of DirecTV Holdings and DirecTV Financing’s $42,036,000 of 4.45% senior notes due 2024, with pricing set using the 1.5% Treasury due Oct. 31, 2024 plus 65 bps;

• $1,044.97 per $1,000 principal amount of Time Warner’s $160,452,000 of 3.55% notes due 2024, with pricing set using the 1.5% Treasury due Oct. 31, 2024 plus 70 bps;

• $1,064.66 per $1,000 principal amount of DirecTV Holdings and DirecTV Financing’s $38,659,000 of 3.95% senior notes due 2025, with pricing set using the 1.5% Treasury due Oct. 31, 2024 plus 80 bps;

• $1,051.04 for Time Warner’s $154,399,000 of 3.6% notes due 2025, with pricing set using the 1.5% Treasury due Oct. 31, 2024 plus 85 bps;

• $1,230.69 per $1,000 principal amount of BellSouth Telecommunications, LLC’s $105,567,000 of 7% debentures due Oct. 1, 2025, with pricing set using the 1.5% Treasury due Oct. 31, 2024 plus 95 bps;

• $1,232.67 per $1,000 principal amount of Historic TW’s $16,568,000 of 6.85% debentures due 2026, with pricing set using the 1.75% Treasury due Nov. 15, 2029 plus 80 bps;

• $1,064.42 per $1,000 principal amount of Time Warner’s $53,936,000 of 3.875% notes due 2026, with pricing set using the 1.75% Treasury due Nov. 15, 2029 plus 80 bps;

• $1,254.21 per $1,000 principal amount of Pacific Bell Telephone Co.’s $279,817,000 of 7.125% debentures due March 15, 2026, with pricing set using the 1.75% Treasury due Nov. 15, 2029 plus 80;

• $1,010.21 per $1,000 principal amount of Time Warner’s $85,245,000 of 2.95% notes due 2026, with pricing set using the 1.75% Treasury due Nov. 15, 2029 plus 90 bps;

• $1,269.87 per $1,000 principal amount of Indiana Bell Telephone Co., Inc.’s $28,063,000 of 7.3% debentures due Aug. 15, 2026, with pricing set using the 1.75% Treasury due Nov. 15, 2029 plus 95 bps;

• $1,197.06 per $1,000 principal amount of BellSouth, LLC’s $4,295,000 of 6.04% debentures due Nov. 15, 2026, with pricing set using the 1.75% Treasury due Nov. 15, 2029 plus 100 bps;

• $1,054.48 per $1,000 principal amount of Time Warner’s $93,503,000 of 3.8% notes due 2027, with pricing set using the 1.75% Treasury due Nov. 15, 2029 plus 105 bps;

• $1,270.49 per $1,000 principal amount of Ameritech Capital Funding Corp.’s $43.38 million of 6.875% debentures due 2027, with pricing set using the 1.75% Treasury due Nov. 15, 2029 plus 110 bps;

• $1,255.01 per $1,000 principal amount of Ameritech Capital’s $104,205,000 of 6.55% debentures due Jan. 15, 2028, with pricing set using the 1.75% Treasury due Nov. 15, 2029 plus 110 bps;

• $1,283.52 per $1,000 principal amount of Historic TW’s $82,846,000 of 6.95% debentures due 2028, with pricing set using the 1.75% due Nov. 15, 2029 plus 110 bps;

• $1,248.30 per $1,000 principal amount of BellSouth Telecommunications’ $215,798,000 of 6.375% debentures due June 1, 2028, with pricing set using the 1.75% Treasury due Nov. 15, 2029 plus 115 bps;

• $1,273.76 per $1,000 principal amount of AT&T’s $120,939,000 of 6.5% notes due 2029, with pricing set using the 1.75% Treasury due Nov. 15, 2029 plus 120 bps;

• $1,278.78 per $1,000 principal amount of Historic TW’s $96,046,000 of 6.625% debentures due 2029, with pricing set using the 1.75% Treasury due Nov. 15, 2029 plus 130 bps;

• $1,405.43 per $1,000 principal amount of BellSouth, LLC’s $121,479,000 of 7 7/8% debentures due 2030, with pricing set using the 1.75% Treasury due Nov. 15, 2029 plus 130 bps;

• $1,516.08 per $1,000 principal amount of New Cingular Wireless Services, Inc.’s $348,621,000 of 8.75% senior notes due 2031, with pricing set using the 1.75% Treasury due Nov. 15, 2029 plus 135 bps;

• $1,414.76 per $1,000 principal amount of Time Warner’s $193,988,000 of 7.625% debentures due 2031, with pricing set using the 1.75% due Nov. 15, 2029 plus 135 bps;

• $1,344.86 per $1,000 principal amount of BellSouth, LLC’s $125,832,000 of 6.875% notes due 2031, with pricing set using the 1.75% Treasury due Nov. 15, 2029 plus 145 bps;

• $1,529.98 per $1,000 principal amount of AT&T’s $168,321,000 of 8.75% senior notes due Nov. 15, 2031, with pricing set using the 1.75% due Nov. 15, 2029 plus 145 bps;

• $1,373.44 per $1,000 principal amount of AT&T Mobility LLC’s $190 million of 7.125% senior notes due 2031, with pricing set using the 1.75% Treasury due Nov. 15, 2029 plus 145 bps;

• $1,440.84 per $1,000 principal amount of Time Warner’s $153,445,000 of 7.7% debentures due 2032, with pricing set using the 1.75% Treasury due Nov. 15, 2029 plus 145 bps;

• $1,348.00 per $1,000 principal amount of BellSouth, LLC’s $157,011,000 of 6.55% notes due 2034, with pricing set using the 1.75% Treasury due Nov. 15, 2029 plus 160 bps;

• $1,285.28 per $1,000 principal amount of BellSouth, LLC’s $227,344,000 of 6% notes due 2034, with pricing set using the 1.75% Treasury due Nov. 15, 2029 plus 165 bps;

• $1,579.57 per $1,000 principal amount of Historic TW’s $157,766,000 of 8.3% discount debentures due 2036, with pricing set using the 2.25% Treasury due Aug. 15, 2049 plus 125 bps;

• $1,358.68 per $1,000 principal amount of Time Warner’s $90,652,000 of 6.5% debentures due 2036, with pricing set using the 2.25% Treasury due Aug. 15, 2049 plus 135 bps;

• $1,288.40 per $1,000 principal amount of Ameritech Capital Funding’s $3,549,000 of 5.95% debentures due Jan. 15, 2038, with pricing set using the 2.25% Treasury due Aug. 15, 2049 plus 145 bps;

• $1,292.71 per $1,000 principal amount of DirecTV Holdings and DirecTV Financing’s $9,517,000 of 6.35% senior notes due 2040, with pricing set using the 2.25% Treasury due Aug. 15, 2049 plus 190 bps;

• $1,272.38 per $1,000 principal amount of Time Warner’s $27,389,000 of 6.2% debentures due 2040, with pricing set using the 2.25% Treasury due Aug. 15, 2049 plus 190 bps;

• $1,261.57 per $1,000 principal amount of Time Warner’s $66,554,000 of 6.1% debentures due 2040, with pricing set using the 2.25% Treasury due Aug. 15, 2049 plus 190 bps;

• $1,246.60 per $1,000 principal amount of DirecTV Holdings and DirecTV Financing’s $15,947,000 of 6% senior notes due 2040, with pricing set using the 2.25% Treasury due Aug. 15, 2049 plus 190 bps;

• $1,304.91 per $1,000 principal amount of DirecTV Holdings and DirecTV Financing’s $15,874,000 of 6.375% senior notes due 2041, with pricing set using the 2.25% Treasury due Aug. 15, 2049 plus 190 bps;

• $1,288.11 per $1,000 principal amount of Time Warner’s $73,554,000 of 6.25% debentures due 2041, with pricing set using the 2.25% Treasury due Aug. 15, 2049 plus 190 bps;

• $1,176.26 per $1,000 principal amount of Time Warner’s $52,683,000 of 5.375% debentures due 2041, with pricing set using the 2.25% Treasury due Aug. 15, 2049 plus 185 bps;

• $1,161.80 per $1,000 principal amount of DirecTV Holdings and DirecTV’s $41,433,000 of 5.15% senior notes due 2042, with pricing set using the 2.25% Treasury due Aug. 15, 2049 plus 175 bps;

• $1,126.28 per $1,000 principal amount of Time Warner’s $105,495,000 of 4.9% debentures due 2042, with pricing set using the 2.25% Treasury due Aug. 15, 2049 plus 175 bps;

• $1,200.03 per $1,000 principal amount of Time Warner’s $62,026,000 of 5.35% debentures due 2043, pricing set using the 2.25% Treasury due Aug. 15, 2049 plus 175 bps;

• $1,093.04 per $1,000 principal amount of Time Warner’s $124,203,000 of 4.65% debentures due 2044, with pricing set using the 2.25% Treasury due Aug. 15, 2049 plus 175 bps;

• $1,126.91 per $1,000 principal amount of Time Warner’s $104,269,000 of 4.85% debentures due 2045, with pricing set using the 2.25% Treasury due Aug. 15, 2049 plus 175 bps;

• $1,289.01 per $1,000 principal amount of BellSouth Telecommunications’ $52,482,000 of 5.85% debentures due Nov. 15, 2045, with pricing set using the 2.25% Treasury due Aug. 15, 2049 plus 175 bps;

• $1,448.67 per $1,000 principal amount of BellSouth Telecommunications’ $77.27 million of 7% debentures due Dec. 1, 2095, with pricing set using the 2.25% Treasury due Aug. 15, 2049 plus 250 bps;

• $1,377.66 per $1,000 principal amount of BellSouth Telecommunications’ $41,584,000 of 6.65% zero-to-full debentures due Dec. 15, 2095, with pricing set using the 2.25% Treasury due Aug. 15, 2049 plus 250 bps; and

• $1,474.01 per $1,000 principal amount of BellSouth, LLC’s $55,682,000 of 7.12% debentures due July 15, 2097, with pricing set using the 2.25% Treasury due Aug. 15, 2049 plus 250 bps.

Holders will also receive accrued interest.

Deutsche Bank Securities Inc. (866 627-0391 or 212 250-2955) and Goldman Sachs & Co. LLC (800 828-3182 or 212 902-6351) are acting as the joint lead dealer managers.

Global Bondholder Services Corp. (866 470-3900 or 212 430-3774) is the tender agent and information agent.

AT&T is a Dallas-based telecommunications company.

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