AT&T Inc. (T) issued 5.625% Global Notes Due 2067 (TBC) on December 11, 2017. These notes have a principal amount of $1.25 billion and a coupon rate of 5.625%. The notes are listed on the New York Stock Exchange and trade under the symbol TBC.
The notes are unsecured and unsubordinated obligations of AT&T, and rank equally with all other unsecured and unsubordinated indebtedness of AT&T. The notes will mature on December 15, 2067, unless redeemed prior to that date.
AT&T may redeem the notes, in whole or in part, at any time on or after December 15, 2046, at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but not including, the redemption date.
Interest on the notes is payable semi-annually on June 15 and December 15 of each year, beginning on June 15, 2018. The notes have a make-whole call provision if redeemed prior to December 15, 2046. The notes also have certain events of default, including non-payment of principal or interest, failure to comply with covenants, and certain events of bankruptcy or insolvency.
The net proceeds from the sale of the notes were used for general corporate purposes, which may include the repayment of outstanding indebtedness, capital expenditures, acquisitions, and working capital. The notes were offered and sold pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission.
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