AT&T Inc. (NYSE: T) (“AT&T”) announced the early tender results of its two pools of Exchange Offers and the upsizing of such Exchange Offers, each as detailed below. In connection with this upsizing, AT&T has amended the terms of the Exchange Offers to increase the maximum aggregate principal amount of New Notes that will be issued in the Exchange Offers. Except as described in this press release, the terms and conditions of the Exchange Offers, as described in the offering memorandum, dated November 17, 2020, and the related letter of transmittal (the “Exchange Offers”), remain unchanged.
The withdrawal deadline for the Exchange Offers occurred at 5:00 p.m. New York City time on December 1, 2020. As a result, tendered Old Notes may no longer be withdrawn, except in certain limited circumstances where additional withdrawal rights are required by law (as determined by AT&T).
The pricing of the New Notes will occur at 11:00 a.m., New York City time, on December 2, 2020.
The settlement date for Old Notes validly tendered and not validly withdrawn at or prior to 5:00 p.m., New York City time, on December 1, 2020 is expected to be December 7, 2020. Holders whose Old Notes are accepted for exchange will receive in cash accrued and unpaid interest from the last applicable interest payment date to, but excluding, the date on which the exchange of such Old Notes is settled, and amounts due in lieu of fractional amounts of New Notes.
AT&T has offered to (i) exchange (the “Pool 1 Offer”) four series of notes issued by AT&T (collectively, the “Pool 1 Notes”) for a combination of cash and a new series of AT&T’s senior notes to be due in 2057 (the “New 2057 Notes”) as described in the table below. The aggregate principal amount of Pool 1 Notes that are accepted for exchange will result in the issuance of New 2057 Notes in an amount sufficient to enable AT&T to accept all of the Pool 1 Notes validly tendered and not validly withdrawn at or prior to 5:00 p.m., New York City time, on December 1, 2020 (as increased, the “2057 Notes Cap”);
Source: https://about.att.com/story/2020/early_tenders_upsize_exchange_offers.html