US incumbent AT&T has priced US$1.6bn of 2.375% global notes and US$400m of floating-rate notes as it continues to refinance bonds nearing their maturities.
Both series of notes are set to mature in 2018 and being sold by Citigroup and Mizuho.
The…
US incumbent AT&T has priced US$1.6bn of 2.375% global notes and US$400m of floating-rate notes as it continues to refinance bonds nearing their maturities.
Both series of notes are set to mature in 2018 and being sold by Citigroup and Mizuho.
The floating rate notes carry a coupon of Libor plus 91 bps and AT&T expects to close the total offering on 27 November.
Moody’s rated the notes A3, S&P opted for A- and Fitch ranked the paper A, according to a free writing prospectus filed with the SEC.
In the filing, AT&T said the net proceeds would be used for “general corporate purposes, including funding the cash consideration for a tender offer of certain debt securities issued by AT&T or its subsidiaries”.
The US$2bn issue came as AT&T decided to upsize its tender offer to redeem maturing securities by US$1bn. It is offering to buy notes across nine different tranches back from investors and is now willing to spend a maximum of US$3.3bn on the various redemptions.
This latest two-tranche bond issue means the Dallas-based telco has now sold US$5.7bn in notes this month.
In early November AT&T priced a €2bn (US$2.7bn) dual tranche Eurobond. It offered US$955m denominated in Canadian dollars last week.
