AT&T planning benchmark six-tranche global notes offer on Thursday

By Aleesia Forni

Virginia Beach, April 23 – AT&T Inc. plans to sell a benchmark offering of global bonds (Baa1/BBB+/A-) in tranches due 2020, 2022, 2025, 2035 and 2046 on Thursday, according to a market source and a 424B5 filed with the Securities and Exchange Commission.

The sale includes five-year notes talked in the 140 basis points area over Treasuries, and a five-year floater talked at the Libor equivalent.

A seven-year tranche of notes is talked in the area of 155 bps over Treasuries, and a 10-year tranche is talked in the 170 bps over Treasuries area.

Initial talk for a 20-year bond is set in the area of 220 bps over Treasuries, and initial talk for a 31-year tranche is set in the Treasuries plus 240 bps area.

BofA Merrill Lynch, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are the bookrunners.

Proceeds will be used for general corporate purposes, including funding the cash consideration for its acquisition of DirecTV.

The telecommunications company is based in Dallas.

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