AT&T enters into $5.5 billion term loan at Libor plus 150 bps

By Sarah Lizee

Olympia, Wash., April 7 – AT&T Inc. entered into a $5.5 billion term loan credit agreement on Monday with Bank of America, NA as agent, according to an 8-K filing with the Securities and Exchange Commission.

BofA, Citibank, NA, Banco Bilbao Vizcaya Argentaria, SA New York Branch, Goldman Sachs Bank USA, JPMorgan Chase Bank, NA, Industrial and Commercial Bank of China Ltd., New York Branch, RBC Capital Markets, Societe Generale, TD Bank, NA and Wells Fargo Bank, NA are the joint bookrunners and joint lead arrangers. BofA is global coordinator, and Citi is syndication agent.

The proceeds will be used for general corporate purposes.

Advances will bear interest at Libor plus 150 basis points.

The term loan is not subject to amortization, and the entire principal amount of the term loan will be due and payable on Dec. 31.

The facility contains, beginning in the first full fiscal quarter ending after the closing date, a net debt-to-EBITDA financial ratio covenant that the company will maintain as of the last day of each fiscal quarter a ratio of not more than 3.5 to 1.

AT&T is a Dallas-based telecommunications company.

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