By Cristal Cody
Eureka Springs, Ark., May 3 – AT&T Inc. priced $4 billion in reopenings of five tranches of senior notes (Baa1//A-) on Tuesday, according to a market source.
The final book size was more than $11 billion.
The company sold $750 million of 2.3% notes due March 11, 2019 at a spread of 73 basis points over Treasuries. The notes originally priced on March 5, 2014 in a $1.1 billion offering at Treasuries plus 77 bps. The total outstanding is $1.85 billion.
AT&T priced $750 million of 2.8% notes due Feb. 17, 2021 at 103 bps over Treasuries. The company first printed the issue on Jan. 29, 2016 in a $1.25 billion offering at Treasuries plus 150 bps. The total outstanding is $2 billion.
The company also sold $1.1 billion of 3.6% notes due Feb. 17, 2023 at Treasuries plus 135 bps. The notes originally were brought to market on Jan. 29, 2016 in a $1.5 billion tranche at Treasuries plus 195 bps. The issue has a total outstanding amount of $2.6 billion.
In the fourth tranche, AT&T priced $900 million of 4.125% notes due Feb. 17, 2026 at 150 bps over Treasuries. The notes were originally sold on Jan. 29, 2016 in a $1.75 billion offering at 220 bps over Treasuries. The total outstanding is $2.65 billion.
Finally, AT&T priced $500 million of 4.8% notes due June 15, 2044 at 210 bps over Treasuries. The company originally sold the issue in a $2 billion tranche on June 3, 2014 at 140 bps over Treasuries. The total outstanding is $2.5 billion.
The bookrunners were BNP Paribas Securities Corp., Mizuho Securities USA Inc., Morgan Stanley & Co. LLC and RBC Capital Markets, LLC.
Proceeds from the reopenings will be used to repay outstanding bank loan debt.
AT&T is a Dallas-based telecommunications company.
| Issuer: | AT&T Inc.
|
| Amount: | $4 million reopenings
|
| Securities: | Senior notes
|
| Bookrunners: | BNP Paribas Securities Corp., Mizuho Securities USA Inc., Morgan Stanley & Co. LLC, RBC Capital Markets, LLC
|
| Pricing date: | May 3
|
| Ratings: | Moody’s: Baa1
|
| Fitch: A-
|
|
|
| Notes due 2019
|
| Amount: | $750 million
|
| Maturity: | March 11, 2019
|
| Coupon: | 2.3%
|
| Spread: | Treasuries plus 73 bps
|
| Total outstanding: | $1.85 billion, including $1.1 billion priced March 5, 2014 at 77 bps over Treasuries
|
|
|
| Notes due 2021
|
| Amount: | $750 million
|
| Maturity: | Feb. 17, 2021
|
| Coupon: | 2.8%
|
| Spread: | Treasuries plus 103 bps
|
| Total outstanding: | $2 billion, including $1.25 billion priced Jan. 29, 2016 at 150 bps over Treasuries
|
|
|
| Notes due 2023
|
| Amount: | $1.1 billion
|
| Maturity: | Feb. 17, 2023
|
| Coupon: | 3.6%
|
| Spread: | Treasuries plus 135 bps
|
| Total outstanding: | $2.6 billion, including $1.5 billion priced Jan. 29, 2016 at 195 bps over Treasuries
|
|
|
| Notes due 2026
|
| Amount: | $900 million
|
| Maturity: | Feb. 17, 2026
|
| Coupon: | 4.125%
|
| Spread: | Treasuries plus 150 bps
|
| Total outstanding: | $2.65 billion, including $1.75 billion priced Jan. 29, 2016 at 220 bps over Treasuries
|
|
|
| Notes due 2044
|
| Amount: | $500 million
|
| Maturity: | June 15, 2044
|
| Coupon: | 4.8%
|
| Spread: | Treasuries plus 210 bps
|
| Total outstanding: | $2.5 billion, including $2 billion priced June 3, 2014 at 140 bps over Treasuries
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
