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AT&T Inc (NYSE: T) subsidiary DIRECTV Entertainment Holdings LLC proposed to raise .1 million via institutional placement of senior secured notes due 2027 by its subsidiaries, DIRECTV Financing, LLC, and DIRECTV Financing Co-Obligor, Inc.
Concurrently with the anticipated completion of the transactions contemplated by the Contribution Agreement, dated Feb. 25, among AT&T, AT&T MVPD Holdings LLC (formerly known as V Holdco LLC), DIRECTV and TPG VIII Merlin Investment Holdings, L.P., DIRECTV Financing, LLC is seeking to enter into new senior secured credit facilities.
The offering proceeds and the net proceeds from the new credit facility will help pay in cash AT&T's intracompany indebtedness and reimburse certain financing expenses and shared transaction expenses.
AT&T held $180.2 billion in total debt as of Mar. 31.
Price action: T shares traded lower by 1.09% at $28.03 in the premarket session on the last check Monday.
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