Published on 1/31/2017 in the Prospect News Investment Grade Daily.
New Issue: AT&T prices $10 billion of global notes in six tranches
By Cristal Cody
Tupelo, Miss., Jan. 31 – AT&T Inc. priced $10 billion of global notes (Baa1/BBB+/A-) in six tranches on Tuesday, according to an FWP filing with the Securities and Exchange Commission.
The company sold $1.25 billion of 3.2% notes due March 1, 2022 at 99.924.
AT&T placed $750 million of 3.8% notes due March 1, 2024 at 99.936.
The company priced $2 billion of 4.25% notes due March 1, 2027 at 99.94.
AT&T sold $3 billion of 5.25% bonds due March 1, 2037 at 99.529.
A $2 billion tranche of 5.45% notes due 2047 priced at 99.439.
In the final tranche, AT&T sold $1 billion of 5.7% notes due 2057 at 99.401.
Barclays, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Commerz Markets LLC, Goldman Sachs & Co., Mizuho Securities USA Inc., Morgan Stanley & Co. LLC, SG Americas Securities, LLC, TD Securities (USA) LLC and Wells Fargo Securities, LLC were the bookrunners.
Proceeds will be used for general corporate purposes, including to repay upcoming debt maturities.
AT&T is a Dallas-based telecommunications company.
| Issuer: | AT&T Inc.
|
| Amount: | $10 billion
|
| Securities: | Global notes
|
| Bookrunners: | Barclays, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Commerz Markets LLC, Goldman Sachs & Co., Mizuho Securities USA Inc., Morgan Stanley & Co. LLC, SG Americas Securities, LLC, TD Securities (USA) LLC, Wells Fargo Securities, LLC
|
| Senior co-managers: | Loop Capital Markets LLC, Regions Securities LLC, U.S. Bancorp Investments, Inc.
|
| Co-managers: | C.L. King & Associates Inc., Samuel A. Ramirez & Co. Inc., Siebert Brandford Shank & Co., LLC, Williams Capital Group, LP, Academy Securities, Inc., CastleOak Securities, LP, Drexel Hamilton, LLC, MFR Securities, Inc., Mischler Financial Group, Inc.
|
| Trade date: | Jan. 31
|
| Settlement date: | Feb. 9
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB+
|
| Fitch: A-
|
| Distribution: | SEC registered
|
|
|
| Five-year notes
|
| Amount: | $1.25 billion
|
| Maturity: | March 1, 2022
|
| Coupon: | 3.2%
|
| Price: | 99.924
|
| Call features: | Make-whole call at greater of par or Treasuries plus 20 bps before Feb. 1, 2022; thereafter at par
|
|
|
| Seven-year notes
|
| Amount: | $750 million
|
| Maturity: | March 1, 2024
|
| Coupon: | 3.8%
|
| Price: | 99.936
|
| Call features: | Make-whole call at greater of par or Treasuries plus 25 bps before Jan. 1, 2024; thereafter at par
|
|
|
| 10-year notes
|
| Amount: | $2 billion
|
| Maturity: | March 1, 2027
|
| Coupon: | 4.25%
|
| Price: | 99.94
|
| Call features: | Make-whole call at greater of par or Treasuries plus 30 bps before Dec. 1, 2026; thereafter at par
|
|
|
| 20-year notes
|
| Amount: | $3 billion
|
| Maturity: | March 1, 2037
|
| Coupon: | 5.25%
|
| Price: | 99.529
|
| Call features: | Make-whole call at greater of par or Treasuries plus 35 bps before Sept. 1, 2036; thereafter at par
|
|
|
| 30-year notes
|
| Amount: | $2 billion
|
| Maturity: | March 1, 2047
|
| Coupon: | 5.45%
|
| Price: | 99.439
|
| Call features: | Make-whole call at greater of par or Treasuries plus 40 bps before Sept. 1, 2046; thereafter at par
|
|
|
| 40-year notes
|
| Amount: | $1 billion
|
| Maturity: | March 1, 2057
|
| Coupon: | 5.7%
|
| Price: | 99.401
|
| Call features: | Make-whole call at greater of par or Treasuries plus 40 bps before Sept. 1, 2056; thereafter at par
|
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