AT&T Inc. Announces Pricing of Tenders in Offers to Purchase for Certain Series of Notes
AT&T Inc.* (NYSE: T) (“AT&T”) announced today the pricing for each series of notes listed in the table below (collectively, the “Notes”) issued by Warner Media, LLC or Historic TW Inc. in connection with AT&T’s previously announced offers to purchase for cash and consent solicitations (together, the “Offers”).
The table below sets forth the Total Consideration for each series of the Notes validly tendered (and not validly withdrawn) as of 5:00 p.m. New York City time, on May 15, 2019 (the “Early Tender Date”). Notes validly tendered (and not validly withdrawn) after the Early Tender Date but at or prior to the Expiration Date (defined below) will not be entitled to receive the early tender payment (the “Early Tender Payment”) of $30 per $1,000 principal amount of Notes tendered and will therefore be entitled to receive, for each $1,000 principal amount of Notes accepted, the “Tender Offer Consideration” for such series, which is equal to the Total Consideration minus the Early Tender Payment. The reference yields listed in the table below are based on the bid-side price of the applicable reference U.S. treasury security listed in the table below as displayed on Bloomberg reference page PX1 at 11:00 a.m., New York City time, on May 16, 2019, as described in the Offer to Purchase (defined below).
Notes Listed Below
Series of Notes to be |
CUSIP |
Issuer |
Principal |
Reference |
Reference |
Fixed Spread |
Total |
||||||||||||||
9.15% Debentures due 2023 | 887315AM1 | Historic TW(1) | $281,775,000 | 2.250% due April 30, 2024 | 2.188% | 75 | $1,213.76 | ||||||||||||||
7.57% Debentures due 2024 | 887315BH1 | Historic TW(1) | $136,109,000 | 2.250% due April 30, 2024 | 2.188% | 85 | $1,195.31 | ||||||||||||||
6.85% Debentures due 2026 | 887315BB4 | Historic TW(1) | $21,776,000 | 2.625% due Feb. 15, 2029 | 2.406% | 105 | $1,199.02 | ||||||||||||||
6.95% Debentures due 2028 | 887315BM0 | Historic TW(1) | $170,021,000 | 2.625% due Feb. 15, 2029 | 2.406% | 130 | $1,237.24 | ||||||||||||||
6 5/8% Debentures due 2029 | 887315BN8 | Historic TW(1) | $402,359,000 | 2.625% due Feb. 15, 2029 | 2.406% | 130 | $1,240.93 | ||||||||||||||
7.625% Debentures due 2031 | 00184AAC9 | Time Warner(2) | $496,551,000 | 2.625% due Feb. 15, 2029 | 2.406% | 150 | $1,350.29 | ||||||||||||||
7.700% Debentures due 2032 | 00184AAG0 | Time Warner(2) | $407,478,000 | 2.625% due Feb. 15, 2029 | 2.406% | 155 | $1,375.51 | ||||||||||||||
8.30% Discount Debentures due 2036 | 887315AZ2 | Historic TW(1) | $158,403,000 | 3.375% due Nov. 15, 2048 | 2.833% | 175 | $1,428.88 | ||||||||||||||
6.50% Debentures due 2036 | 887317AD7 | Time Warner(2) | $392,320,000 | 3.375% due Nov. 15, 2048 | 2.833% | 175 | $1,228.50 |
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(1) References to Historic TW refer to Historic TW Inc., the successor in interest to Time Warner Companies Inc.