Printer Friendly

AT&T ANNOUNCES THE SALE OF $676 MILLION OF 40-YEAR DEBENTURES

     AT&T ANNOUNCES THE SALE OF $676 MILLION OF 40-YEAR DEBENTURES
    NEW YORK, Dec. 5 /PRNewswire/ -- AT&T today announced the sale of $676 million of 40-year debentures, due Dec. 1, 2031, with a coupon rate of 8-5/8 percent.  Cost to the company will be 8.729 percent.
    The underwriters plan to offer the issue to the public at 99.716 percent to yield 8.65 percent to maturity.
    The sale was negotiated by an underwriting group led by Morgan Stanley & Co., Incorporated, with the First Boston Corporation, Lehman Brothers, Merrill Lynch & Co. and PaineWebber Incorporated as co- managers.
    After the sale is completed, AT&T said, it intends to apply the proceeds toward redeeming long-term debt.
    The new debentures are redeemable on or after Dec. 1, 2001, beginning at a price of 105.56 percent, and declining to 100 percent on or after Dec. 1, 2021.  The company said the debentures will be listed on the New York Stock Exchange.
    The issue is the remainder of $976 million of debt AT&T filed in September 1990 under the SEC's Rule 415, commonly called a shelf registration, which allows companies to offer to sell securities on a continuous or delayed basis.
    AT&T last went to the domestic long-term debt market in 1986, when it sold $300 million of 40-year debentures at an interest rate of 8-5/8 percent.
    -0-        12/5/91
    /CONTACT:  Jim Byrnes, 908-221-4011, or home, 908-689-6040, Dick Gray, 908-221-5057, or home, 908-232-3706, both of AT&T/
    (T) CO:  AT&T ST:  New Jersey IN:  TLS SU: SM -- NY058 -- 9693 12/05/91 12:56 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 5, 1991
Words:270
Previous Article:SUN ANNOUNCES 1992 CAPITAL PROGRAM
Next Article:ARBY'S NEW AD CAMPAIGN IS DIFFERENT -- AND GOOD
Topics:


Related Articles
AT&T TO CALL THREE 1970 DEBT ISSUES
FMC CORP. TO REDEEM SUBORDINATED DEBENTURES
WITCO TO REDEEM 9-1/2 PERCENT DEBENTURES DUE 2009
DNE COMPLETES INITIAL CLOSING OF CONVERTIBLE DEBENTURE OFFERING
AIR EXPRESS INTERNATIONAL TO OFFER CONVERTIBLE DEBENTURES
STERLING SOFTWARE ANNOUNCES PROPOSED CONVERTIBLE DEBT OFFERING
TURNAROUND IN CHEMICALS EARNINGS DELIVERS IMPROVED NOVA 1992 RESULTS
DUFF & PHELPS: NEW YORK TELEPHONE COMPANY $100 MILLION 7-5/8 PERCENT DEBENTURES DUE 2023 RATED 'A'
GRUMMAN CONTINUES DEBT REDUCTION
DUFF & PHELPS: NEW YORK TELEPHONE $250 MILLION 6.7 PERCENT DEBENTURES DUE 2023 RATED 'A'; $150 MILLION 5-5/8 PERCENT NOTES DUE 2003 RATED 'A'

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters