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AT&T commences exchange offers, tender offers for notes

AT&T Inc. is offering to exchange five series of its outstanding notes and commenced a transaction to repurchase such five series of notes under tender offers.

The exchange transaction consists of five separate private offers to exchange any and all of the outstanding notes, which have a special mandatory redemption provision in exchange for five new series of AT&T's senior notes that do not have an SMR provision and cash, according to a Form 8-K filed Feb. 15.

The notes to be exchanged are floating rate global notes due 2023, 1.050% global notes due 2023, 1.800% global notes due 2026, 2.350% global notes due 2029 and 3.550% global notes due 2037. The exchange offers will expire at 5 p.m. ET on Feb. 22, unless extended or earlier terminated by AT&T.

Tenders of old notes submitted in the exchange offers may be validly withdrawn at any time at or before 5 p.m. ET on Feb. 22, subject to any extension by AT&T, but thereafter will be irrevocable, except in certain limited circumstances.

Further, the tender transaction consists of five separate offers to purchase for cash any and all of the outstanding notes which have a special mandatory redemption provision. The cash offers will also expire at 5 p.m. ET on Feb. 22, unless extended or earlier terminated by AT&T.

Tenders of old notes submitted in the cash offers may be validly withdrawn at any time at or before 5 p.m. ET on Feb. 22, subject to any extension by AT&T, but thereafter will be irrevocable, except in certain limited circumstances. The dates of exchange offer settlement and cash offer settlement will be promptly following the exchange offer expiration date and are expected to be Feb. 27.