By Andrea Heisinger
New York, Feb. 9 - AT&T Inc. priced $3 billion of global notes (A2/A-/A) in three maturities on Wednesday, a market source said. Terms were given in a FWP filing with the Securities and Exchange Commission on Thursday.
A $1 billion tranche of 0.875% three-year paper priced at 99.929 to yield 0.899% with a spread of Treasuries plus 55 basis points. This was at the tight end of guidance in the 60 bps area.
The notes have a make-whole call of 10 bps over Treasuries.
There was a $1 billion tranche of 1.6% five-year notes sold at 99.88 to yield 1.625% with a spread of 80 bps over Treasuries. The tranche sold at the tight end of talk in the 85 bps area.
There is a make-whole call at 15 bps over Treasuries.
Finally, a $1 billion tranche of 3% 10-year notes priced at 99.803 to yield 3.023% with a spread of Treasuries plus 105 bps. The notes came in at the tight end of guidance in the 110 bps area.
The tranche has a make-whole call at Treasuries plus 20 bps.
BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. were the bookrunners.
Co-managers were Mitsubishi UFJ Securities (USA) Inc., Loop Capital Markets LLC, M.R. Beal & Co. and Samuel A. Ramirez & Co. Inc.
Proceeds will be used for general corporate purposes.
AT&T last priced debt in a $5 billion deal in four parts on Aug. 15, 2011. A 2.4% five-year note from that offering priced at 148 bps over Treasuries, while a tranche of 3.875% 10-year notes priced at 160 bps over Treasuries.
The communications company is based in Dallas.
| Issuer: | AT&T Inc.
|
| Issue: | Global notes
|
| Amount: | $3 billion
|
| Bookrunners: | BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc.
|
| Co-managers: | Mitsubishi UFJ Securities (USA) Inc., Loop Capital Markets LLC, M.R. Beal & Co., Samuel A. Ramirez & Co. Inc.
|
| Trade date: | Feb. 8
|
| Settlement date: | Feb. 13
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A-
|
| Fitch: A
|
|
|
| Three-year notes
|
| Amount: | $1 billion
|
| Maturity: | Feb. 13, 2015
|
| Coupon: | 0.875%
|
| Price: | 99.929
|
| Yield: | 0.899%
|
| Spread: | Treasuries plus 55 bps
|
| Call: | Make-whole at Treasuries plus 10 bps
|
| Price talk: | 60 bps area
|
|
|
| Five-year notes
|
| Amount: | $1 billion
|
| Maturity: | Feb. 15, 2017
|
| Coupon: | 1.6%
|
| Price: | 99.88
|
| Yield: | 1.625%
|
| Spread: | Treasuries plus 80 bps
|
| Call: | Make-whole at Treasuries plus 15 bps
|
| Price talk: | 85 bps area
|
|
|
| 10-year notes
|
| Amount: | $1 billion
|
| Maturity: | Feb. 15, 2022
|
| Coupon: | 3%
|
| Price: | 99.803
|
| Yield: | 3.023%
|
| Spread: | Treasuries plus 105 bps
|
| Call: | Make-whole at Treasuries plus 20 bps
|
| Price talk: | 110 bps area
|
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