AT&T Inc. EUR Preferred PerpNC5 - IPTs 3.375% area €€€
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  1. #1

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    AT&T Inc. EUR Preferred PerpNC5 - IPTs 3.375% area €€€

    AT&T Inc. EUR Preferred PerpNC5 - IPTs 3.375% area €€€

    Issuer: AT&T Inc. (Ticker: T, Country: US)
    Issuer Rating (M/S/F): Baa2 (stable) / BBB (stable) / A- (stable)
    Exp. Issue Rating (M/S/F): Ba1 / BB+ / BBB
    Title of Security: Fixed Rate Reset Perpetual Preferred
    Securities, Series B (the "Preferred
    Securities")
    Ranking: Senior to any junior stock, on parity with
    each other series of preferred stock, and
    junior to all existing and future
    indebtedness
    Exp. Equity Credit: 50% (Moody’s) / 50% until First Reset
    Date (S&P) / 50% (Fitch)
    Format: SEC-Registered
    **************************************** *******************************
    IPTs: ** 3.375% area yield **
    Size: EUR Benchmark
    Maturity: Perpetual
    First Distribution Payment Date: 1-May-2021 (Long first)
    Pricing Date: 12-Feb-2020
    Settlement: 18-Feb-2020 (T+4 European Business Days,
    T+3 US Business Days)
    **************************************** *******************************

    First Call Date: 1-Mar-2025

    Call Schedule: Every day during period from First Call Date
    to First Reset Date (90 day par call period)
    and on every distribution payment date
    thereafter

    Distributions: Fixed, Annual, ACT/ACT ICMA, Long first
    distribution
    - From the issue date to, but excluding, May
    1st, 2025 (the “First Reset Date”): an
    annual rate equal to [●]% of the stated
    amount per Preferred Security;
    - From and including the First Reset Date
    to, but excluding, May 1st, 2030: an annual
    rate equal to the 5-year Swap Rate plus [●]%
    of the stated amount per Preferred Security;
    - For each Subsequent Reset Date from and
    including May 1st, 2030 to, but excluding,
    May 1st, 2045: an annual rate equal to the
    5-year Swap Rate plus [●]% of the stated
    amount per Preferred Security;
    - For each Subsequent Reset Date from and
    after May 1st 2045: an annual rate equal to
    the 5 year Swap Rate plus [●]% of the stated
    amount per Preferred Security

    First Step-up: 25bps on 1st May 2030 (Year 10)
    Second Step-up: Additional 75bps (100bps aggregate) on 1st
    May 2045 (Year 25)

    Deferral of Distributions: Distributions will only be paid when, as and
    if declared by the board of directors out of
    funds legally available for the payment of
    distribution. Any distribution deferred will
    be accumulated.

    Distribution Stopper: If any Preferred Security remains
    outstanding, unless full accrued
    distributions on all outstanding Preferred
    Securities have been paid or declared and a
    sum sufficient for the payment thereof has
    been set aside for payment: (i) no
    distribution may be declared or paid or set
    aside for payment on any junior stock of the
    Company, other than a distribution payable
    solely in stock that ranks junior to the
    Preferred Securities in the payment of
    distributions and in the distribution of
    assets on any liquidation, dissolution or
    winding up of the Company; and (ii) no
    monies may be paid or made available for a
    sinking fund for the redemption or
    retirement of junior stock, nor shall any
    shares of junior stock be purchased,
    redeemed or otherwise acquired for
    consideration by the Company, directly or
    indirectly, other than in certain limited
    circumstances.

    Optional Redemption: The Preferred Securities are perpetual and
    have no maturity date. AT&T may, at its
    option, redeem the Preferred Securities:
    (i) in whole but not in part, on each day
    during the period from [March 1], 2025 (the
    “First Call Date”) to the First Reset Date
    and on any distribution payment date
    thereafter, at a cash redemption price equal
    to the stated amount (i.e., €100,000 per
    Preferred Security), plus (except as
    otherwise provided herein) an amount equal
    to all accrued and unpaid distributions
    thereon (whether or not declared), to, but
    not including, the date fixed for
    redemption, or (ii) in whole but not in part
    at any time within 90 days after the
    conclusion of any review or appeal process
    instituted by us following the occurrence of
    a ratings event (as defined in the
    Preliminary Prospectus Supplement) at a cash
    redemption price equal to €101,000 per
    Preferred Security prior to the First Call
    Date or (b) €100,000 per Preferred Security
    on or after the First Call Date, plus, in
    each case, (except as otherwise provided
    herein) an amount equal to all accrued and
    unpaid distributions thereon (whether or not
    declared) to, but not including, the date
    fixed for redemption.

    Denoms: €100k+€100k
    UoP: General Corporate Purposes
    Governing Law: Delaware
    Expected Listing: Euronext Dublin, Global Exchange Market
    Sole-Structuring Advisor: Deutsche Bank
    Joint Bookrunners: Deutsche Bank, Barclays, Credit Suisse,
    Santander
    B&D: Deutsche Bank
    Target Market: MiFID II Professionals & Eligible
    Counterparties only (all distribution
    channels). No PRIIPs key information
    document (KID) has been prepared as notes
    will not be available to retail in EEA or the United
    Kingdom
    ISIN: XS2114413565
    Timing: Books Open, Today's Business

  2. #2
    L'avatar di waltermasoni
    Data Registrazione
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    Rating Action: Moody's assigns Ba1 rating to AT&T's preferred stock issuance
    12 Feb 2020
    New York, February 12, 2020 -- Moody's Investors Service, ("Moody's") assigned a Ba1 rating to AT&T Inc.'s (AT&T) proposed Series C Perpetual Preferred Stock (preferred stock). AT&T intends to use the net proceeds for general corporate purposes, which Moody's believes may include the repurchase of its common stock under its ongoing share repurchase program.

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