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AT&T offers holders new notes and cash in exchange for 8.75%, 8% notes
By Susanna Moon
Chicago, Aug. 4 - AT&T Inc. said it began a private exchange offer for up to $2.5 billion of the 8.75% senior notes due 2031 issued by New Cingular Wireless Services, Inc. and the 8% senior notes due 2031 of AT&T Corp.
The company is offering a new series of senior notes due 2040 and cash for the two series of outstanding notes.
The notes are listed in order of acceptance priority level.
Holders of the 8.75% notes may exchange any and all of their notes for new notes and cash. Holders of the 8% notes may exchange their notes for new notes and cash up to an amount of the 8% notes equal to $2.5 billion less the amount of 8.75% notes exchanged in the offer.
Holders who tender their notes by 5 p.m. ET on Aug. 17 will also receive an early participation payment.
The offer will end at 11:59 p.m. ET on Aug. 31. Tendered notes may be withdrawn until 5 p.m. ET on Aug. 17.
The exchange offer requires receiving tenders of at least $500 million principal amount of notes.
The exchange offer is being made to qualified institutional buyers under Rule 144A of the Securities Act of 1933 and non-U.S. residents under Regulation S of the Securities Act.
Global Bondholder Services Corp. (866 387-1500 or collect 212 925-1630) is the information agent.
The phone and internet services provider is based in Dallas.
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