New Issue: AT&T prices $6 billion of notes due 2024, 2026 in three parts

By Wendy Van Sickle and Cristal Cody

Columbus, Ohio, March 19 – AT&T Inc. priced $6 billion global notes in three tranches (Baa2/BBB/BBB+) on Friday, according to an FWP filing with the Securities and Exchange Commission and a market source.

AT&T sold $2.25 billion of 0.9% three-year notes at 99.905 to yield 0.932%, or 60 basis points over Treasuries.

The issuer priced $3 billion of 1.7% five-year notes at 99.833 to yield 1.735%, or an 85 bps spread.

Finally, the company also sold $750 million of three-year floating-rate notes at par with a coupon of compounded SOFR plus 64 bps.

The fixed-rate notes feature a make-whole call and then a par call. The floaters have a par call.

Total book demand was $12.8 billion, according to the market source.

Barclays, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Mizuho Securities USA Inc. are the bookrunners.

Proceeds will be used for general corporate purposes.

AT&T is a Dallas-based telecommunications company.

Issuer:	AT&T Inc.
Issuer:	Global notes
Amount:	$6 billion
Bookrunners:	Barclays, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Mizuho Securities USA Inc.
Senior co-managers:	Commerz Markets LLC, HSBC Securities (USA) Inc., ICBC Standard Bank plc and Loop Capital Markets LLC
Co-managers:	AmeriVet Securities, Inc., Bancroft Capital LLC, CastleOak Securities, LP, MFR Securities, Inc., Mischler Financial Group, Inc., Penserra Securities LLC, R. Seelaus & Co., LLC and Stern Brothers & Co.
Pricing date:	March 19
Settlement date:	March 23
Ratings:	Moody’s: Baa2
	S&P: BBB
	Fitch: BBB+
Floaters due 2024
Amount:	$750 million
Maturity:	March 25, 2024
Coupon:	SOFR plus 64 bps
Price:	Par
Yield:	SOFR plus 64 bps
Call:	Par call after March 25, 2022
Notes due 2024
Amount:	$2.25 billion
Maturity:	March 25, 2024
Coupon:	0.9%
Price:	99.905
Yield:	0.932%
Spread:	Treasuries plus 60 bps
Call:	Make-whole call at Treasuries plus 10 bps until March 25, 2022, then par call
Notes due 2026
Amount:	$3 billion
Maturity:	March 25, 2026
Coupon:	1.7%
Price:	99.833
Yield:	1.735%
Spread:	Treasuries plus 85 bps
Call:	Make-whole call at Treasuries plus 15 bps until March 25, 2023, then par call

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