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
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
