Published on 5/30/2023 in the Prospect News Investment Grade Daily.
New Issue: AT&T prices $2.75 billion 5.4% global notes due 2034 at 99.671
By Wendy Van Sickle
Columbus, Ohio, May 30 – AT&T Inc. priced $2.75 billion of 5.4% global notes due Feb. 15, 2034 (Baa2/BBB/BBB+) on Tuesday at 99.671, according to an FWP filing with the Securities and Exchange Commission.
BNP Paribas Securities Corp., J.P. Morgan Securities LLC, Santander US Capital Markets LLC, TD Securities (USA) LLC, Citigroup Global Markets Inc., BofA Securities, Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, RBC Capital Markets, LLC and Wells Fargo Securities, LLC were the bookrunners.
Proceeds from the deal will be used to fund a redemption of all of the $750 million outstanding of AT&T’s floating-rate global notes due 2024 and its 0.9% global notes due 2024 at or prior to maturity.
AT&T is a Dallas-based telecommunications company.
| Issuer: | AT&T Inc.
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| Amount: | $2.75 billion
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| Issue: | Global notes
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| Maturity: | Feb. 15, 2034
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| Bookrunners: | BNP Paribas Securities Corp., J.P. Morgan Securities LLC, Santander US Capital Markets LLC, TD Securities (USA) LLC, Citigroup Global Markets Inc., BofA Securities, Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, RBC Capital Markets, LLC and Wells Fargo Securities, LLC
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| Senior co-managers: | BNY Mellon Capital Markets, LLC, CIBC World Markets Corp., Regions Securities LLC, Standard Chartered Bank, Truist Securities, Inc. and U.S. Bancorp Investments, Inc.
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| Co-managers: | CastleOak Securities, LP, Loop Capital Markets LLC, Drexel Hamilton, LLC, MFR Securities, Inc., AmeriVet Securities, Inc., Apto Partners, LLC, C.L. King & Associates, Inc. and Roberts & Ryan Inc.
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| Trustee: | Bank of New York Mellon Trust Co. NA
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| Coupon: | 5.4%
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| Price: | 99.671
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| Call features: | Make-whole call prior to Nov. 15, 2033 at Treasuries plus 30 bps, thereafter at par
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| Trade date: | May 30
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| Settlement date: | June 2
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| Ratings: | Moody’s: Baa2
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| S&P: BBB
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| Fitch: BBB+
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| Distribution: | SEC registered
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| Cusip: | 00206RMT6
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