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AT&T initiates cash, private exchange offers for notes


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AT&T initiates cash, private exchange offers for notes

AT&T Inc. on March 29 initiated a transaction to repurchase four series of its outstanding notes.

The transaction covers 5.300% global notes due 2058, 5.150% global notes due 2050, 4.900% global notes due 2037 and floating rate global notes due 2023.

Also, the company said March 29 that it commenced a transaction to exchange such four series of notes pursuant to private exchange offers. This transaction is open to certain investors. The tender transaction consists of four separate offers to purchase for cash, any and all of the outstanding notes, which have a special mandatory redemption provision.

The cash and exchange offers will expire at 5 p.m. ET on April 5, unless extended or earlier terminated by AT&T. Tenders of old notes submitted in the cash and exchange offers may be validly withdrawn at any time at or before 5 p.m. ET on April 5, subject to any extension by AT&T, but thereafter will be irrevocable, except in certain limited circumstances where additional withdrawal rights are required.

The cash offer settlement date is expected to be April 10.

Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Mizuho Securities USA LLC and Wells Fargo Securities LLC are acting as the joint lead dealer managers for the cash offers.

Global Bondholder Services Corp. will act as the exchange agent and information agent for the old notes in the exchange offers.