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AT&T Inc. Announces Expiration and Upsizing of Its Tender Offers for 63 Series of Notes

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DALLAS, May 23, 2022--(BUSINESS WIRE)--AT&T Inc. (NYSE: T) ("AT&T") announced today the expiration of its offers to purchase for cash (i) 54 series of outstanding Notes listed in the table below under "Higher Coupon Offers" and (ii) 9 series of outstanding Notes listed in the table below under "Discount Offers" (collectively, the "Notes") and that it has amended the Offers to Purchase (as defined below) by increasing the Maximum Purchase Consideration for the Higher Coupon Offers from $5.0 billion to $5.5 billion and for the Discount Offers from $3.0 billion to $3.2 billion. The Offers described herein were made on the terms and conditions set forth in the Offers to Purchase, dated May 16, 2022 (the "Offers to Purchase"), the Letter of Transmittal and the related Notices of Guaranteed Delivery (together with the Offers to Purchase and the Letter of Transmittal, the "Tender Offer Documents"). Capitalized terms used but not defined in this announcement have the meanings given to them in the Offers to Purchase.

The Offers to Purchase expired at 5:00 p.m., New York City time, on May 20, 2022 (the "Expiration Date"). The settlement date for the Offers will be May 26, 2022 (the "Settlement Date").

HIGHER COUPON OFFERS

According to information provided by Global Bondholder Services Corporation, $14,723,973,000 combined aggregate principal amount of the applicable Notes were validly tendered in connection with the Higher Coupon Offers prior to or at the Expiration Date and not validly withdrawn. In addition, $95,472,000 combined aggregate principal amount of the applicable Notes were tendered pursuant to the Guaranteed Delivery Procedures (as defined in the Higher Coupon Offer to Purchase) and remain subject to the Holders’ performance of the delivery requirements under such procedures. The table below provides certain information about the Higher Coupon Offers, including the aggregate principal amount of each series of Notes validly tendered and not validly withdrawn prior to the Expiration Date and the aggregate principal amount of Notes reflected in Notices of Guaranteed Delivery delivered at or prior to the Expiration Date.

Overall, AT&T plans to accept for purchase $4,788,384,000 combined aggregate principal amount of Notes under the Higher Coupon Offers (excluding Notes delivered pursuant to the Guaranteed Delivery Procedures). The Maximum Purchase Condition (after giving effect to the increase described above) has been satisfied with respect to the Higher Coupon Offers in respect of the series of Notes with Acceptance Priority Levels of 1-40. Accordingly, AT&T plans to accept for purchase all Notes of those series that have been validly tendered and not validly withdrawn at or prior to the Expiration Date. AT&T will not accept any Notes with Acceptance Priority Levels 41-54 (as indicated in the table below) and will promptly return all validly tendered Notes of such series to the respective tendering Holders.

Acceptance Priority Level

Title of Notes

Issuer

Principal Amount Outstanding (in millions)

CUSIP Number

Principal Amount Tendered(1)

Aggregate Principal Amount Validly Tendered as of the Expiration Date that AT&T Plans to Accept(1)

Principal Amount Reflected in Notices of Guaranteed Delivery

1

8.750% Senior Notes due 2031*

New Cingular Wireless Services, Inc.(2)

$258

00209AAF3 / U0027MAC1

$29,513,000

$29,513,000

-

2

8.750% Global Notes due 2031

AT&T Inc.

$216

00206RGV8

$42,752,000

$42,752,000

$10,000

3

8.750% Global Notes due 2031

AT&T Inc.(3)

$218

00206RGU0

$158,353,000

$158,353,000

-

4

7.875% Global Notes due 2030

AT&T Inc.

$202

00206RGR7

$32,541,000

$32,541,000

$250,000

5

7 1/8% Debentures due 2026*+

Pacific Bell Telephone Company(4)(5)

$219

694032AT0

$15,678,000

$15,678,000

-

6

7.125% Global Notes due 2026

AT&T Inc.

$257

00206RGH9

$21,080,000

$21,080,000

-

7

7.625% Global Notes due 2031*

AT&T Inc.

$188

00206RHZ8

$64,730,000

$64,730,000

-

8

7.700% Global Notes due 2032*

AT&T Inc.

$157

00206RJA1

$10,000

$10,000

-

9

7.125% Senior Notes due 2031*

AT&T Mobility LLC(6)

$151

17248RAJ5

$59,624,000

$59,624,000

-

10

6.875% Global Notes due 2031

AT&T Inc.

$169

00206RGS5

$61,242,000

$61,242,000

-

11

6.625% Global Notes due 2029*

AT&T Inc.

$190

00206RHY1

$9,166,000

$9,166,000

-

12

Thirty Year 6 3/8% Debentures due 2028*

BellSouth Telecommunications, LLC(7)

$177

079867AW7

$10,372,000

$10,372,000

$10,000

13

6.500% Global Notes due 2036*

AT&T Inc.

$156

00206RJC7

$31,318,000

$31,318,000

-

14

6.450% Global Notes due 2034

AT&T Inc.(8)

$253

78387GAM5

$86,572,000

$86,572,000

-

15

6.550% Global Notes due 2039

AT&T Inc.

$443

00206RAS1

$76,778,000

$76,778,000

$201,000

16

6.500% Global Notes due 2037

AT&T Inc.

$239

00206RAD4

$130,862,000

$130,862,000

$54,000

17

6.400% Global Notes due 2038

AT&T Inc.

$165

00206RAN2

$24,887,000

$24,887,000

$2,441,000

18

6.350% Global Notes due 2040

AT&T Inc.

$158

00206RDE9

$79,786,000

$79,786,000

-

19

6.200% Global Notes due 2040*

AT&T Inc.

$265

00206RJD5

$61,972,000

$61,972,000

-

20

6.150% Global Notes due 2034

AT&T Inc.(8)

$356

78387GAQ6

$100,563,000

$100,563,000

$454,000

21

6.000% Notes due 2034*

BellSouth, LLC(9)

$198

079860AK8

$6,786,000

$6,786,000

$55,000

22

6.100% Global Notes due 2040*

AT&T Inc.

$248

00206RJE3

$34,015,000

$34,015,000

-

23

6.250% Global Notes due 2041*

AT&T Inc.

$330

00206RJF0

$36,200,000

$36,200,000

$674,000

24

6.300% Global Notes due 2038

AT&T Inc.

$749

00206RAG7

$222,471,000

$222,471,000

$26,000

25

6.000% Global Notes due 2040

AT&T Inc.

$471

00206RDF6

$70,372,000

$70,372,000

$177,000

26

6.375% Global Notes due 2041

AT&T Inc.

$604

00206RDG4

$297,158,000

$297,158,000

$5,413,000

27

5.350% Global Notes due 2043*

AT&T Inc.

$191

00206RJJ2

$20,571,000

$20,571,000

$5,000

28

5.375% Global Notes due 2041*

AT&T Inc.

$187

00206RJG8

$46,796,000

$46,796,000

-

29

5.550% Global Notes due 2041

AT&T Inc.

$676

00206RBA9

$134,955,000

$134,955,000

$939,000

30

5.700% Global Notes due 2057

AT&T Inc.

$485

00206RDT6

$159,725,000

$159,725,000

$153,000

31

5.300% Global Notes due 2058

AT&T Inc.

$182

00206RFS6 / U04644CG0

$9,052,000

$9,052,000

-

32

5.350% Global Notes due 2040*

AT&T Inc.

$1,069

04650NAB0 / U9475PAA6

$416,207,000

$416,207,000

$39,270,000

33

5.650% Global Notes due 2047

AT&T Inc.

$959

00206RCU4

$153,235,000

$153,235,000

$451,000

34

5.450% Global Notes due 2047

AT&T Inc.

$749

00206RDS8

$217,999,000

$217,999,000

$520,000

35

5.150% Global Notes due 2042

AT&T Inc.

$590

00206RDH2

$271,674,000

$271,674,000

$10,627,000

36

4.850% Global Notes due 2045*

AT&T Inc.

$401

00206RJL7

$90,108,000

$90,108,000

$2,667,000

37

5.250% Global Notes due 2037

AT&T Inc.

$1,794

00206RDR0

$738,239,000

$738,239,000

$2,704,000

38

4.800% Global Notes due 2044

AT&T Inc.

$607

00206RCG5

$151,764,000

$151,764,000

$101,000

39

4.900% Global Notes due 2042*

AT&T Inc.

$394

00206RJH6

$259,862,000

$259,862,000

$935,000

40

5.150% Global Notes due 2050

AT&T Inc.

$941

00206RFU1

$353,396,000

$353,396,000

$5,985,000

41

5.150% Global Notes due 2046

AT&T Inc.

$743

00206RHA3 / 00206RFM9 / U04644BX4

$258,982,000

-

$1,009,000

42

4.650% Global Notes due 2044*

AT&T Inc.

$471

00206RJK9

$279,480,000

-

$119,000

43

4.900% Global Notes due 2037

AT&T Inc.

$683

00206RFW7

$544,102,000

-

$1,942,000

44

4.850% Global Notes due 2039

AT&T Inc.

$956

00206RHK1

$507,484,000

-

$200,000

45

4.550% Global Notes due 2049

AT&T Inc.

$931

00206RDM1 / 00206RDK5

$314,832,000

-

$965,000

46

4.750% Global Notes due 2046

AT&T Inc.

$1,872

00206RCQ3

$621,722,000

-

$727,000

47

4.350% Global Notes due 2045*

AT&T Inc.

$1,115

00206RBK7

$322,236,000

-

$840,000

48

4.500% Global Notes due 2048

AT&T Inc.

$1,734

00206RDL3 /

00206RDJ8

$469,133,000

-

$10,100,000

49

4.300% Global Notes due 2042*

AT&T Inc.

$1,297

00206RBH4

$337,783,000

-

$72,000

50

4.500% Global Notes due 2035

AT&T Inc.

$2,500

00206RCP5

$1,295,806,000

-

-

51

4.350% Global Notes due 2029

AT&T Inc.

$3,000

00206RHJ4

$1,732,283,000

-

$2,323,000

52

4.300% Global Notes due 2030

AT&T Inc.

$3,156

00206RES7 /

00206RGQ9 /

U04644BC0

$1,721,797,000

-

$1,624,000

53

4.250% Global Notes due 2027

AT&T Inc.

$1,490

00206RDQ2

$564,985,000

-

$1,106,000

54

4.100% Global Notes due 2028

AT&T Inc.

$1,732

00206RGL0 / 00206RER9 / U04644BB2

$964,964,000

-

$323,000

(1) The amounts exclude the principal amounts of Notes for which Holders have complied with certain procedures applicable to guaranteed delivery pursuant to the Guaranteed Delivery Procedures. Such amounts remain subject to the Guaranteed Delivery Procedures. Notes tendered pursuant to the Guaranteed Delivery Procedures are required to be tendered at or prior to 5:00 p.m., New York City time, on May 24, 2022.

(2) New Cingular Wireless Services, Inc. was formerly known as AT&T Wireless Services, Inc.

(3) The initial interest rate on the 8.750% Global Notes due 2031 was 8.250%.

(4) Pacific Bell Telephone Company was formerly known as Pacific Bell.

(5) The 7 1/8% Debentures due March 15, 2026 are unconditionally and irrevocably guaranteed by AT&T.

(6) AT&T Mobility LLC was formerly known as Cingular Wireless LLC.

(7) BellSouth Telecommunications, LLC converted from BellSouth Telecommunications, Inc.

(8) AT&T Inc. was formerly known as SBC Communications Inc.

(9) The 6.00% Notes due 2034 were originally issued by BellSouth Corporation, which subsequently converted to BellSouth, LLC.

* Denotes a series of Notes with minimum authorized denominations of $1,000. All other series of Notes have a minimum authorized denomination of $2,000. Each series of Notes has an integral multiple in excess of the minimum authorized denomination of $1,000.

+ Denotes a series of Notes, a portion of which is held in physical certificated form (such portion, the "Certificated Notes") and is not held through The Depositary Trust Company ("DTC"). Such Certificated Notes may only be tendered in accordance with the terms and conditions of the accompanying Letter of Transmittal. With respect to the Certificated Notes, all references to the Offer to Purchase herein shall also include the Letter of Transmittal.

For Holders who delivered a Notice of Guaranteed Delivery and all other required documentation at or prior to the Expiration Date, upon the terms and subject to the conditions set forth in the applicable Tender Offer Documents, the deadline to validly tender Notes using the Guaranteed Delivery Procedures will be 5:00 p.m. (New York City time) on May 24, 2022.

Upon the terms and subject to the conditions set forth in the applicable Tender Offer Documents, Holders whose Notes have been accepted for purchase in the Higher Coupon Offers will receive the applicable Total Consideration (the "Higher Coupon Total Consideration") for each $1,000 principal amount of such Notes in cash on the Settlement Date. In addition to the Higher Coupon Total Consideration, Holders whose Notes are accepted for purchase will receive a cash payment equal to the Accrued Coupon Payment, representing accrued and unpaid interest on such Notes from and including the immediately preceding interest payment date for such Notes to, but excluding, the Settlement Date. Interest will cease to accrue on the Settlement Date for all Notes accepted in the Higher Coupon Offers, including those tendered through the Guaranteed Delivery Procedures.

DISCOUNT OFFERS

According to information provided by Global Bondholder Services Corporation, $11,608,697,000 combined aggregate principal amount of the applicable Notes were validly tendered in connection with the Discount Offers prior to or at the Expiration Date and not validly withdrawn. In addition, $194,594,000 combined aggregate principal amount of the applicable Notes were tendered pursuant to the Guaranteed Delivery Procedures (as defined in the Discount Offer to Purchase) and remain subject to the Holders’ performance of the delivery requirements under such procedures. The table below provides certain information about the Discount Offers, including the aggregate principal amount of each series of Notes validly tendered and not validly withdrawn prior to the Expiration Date and the aggregate principal amount of Notes reflected in Notices of Guaranteed Delivery delivered at or prior to the Expiration Date.

Overall, AT&T plans to accept for purchase $3,966,253,000 combined aggregate principal amount of Notes under the Discount Offers (excluding Notes delivered pursuant to the Guaranteed Delivery Procedures). The Maximum Purchase Condition (after giving effect to the increase described above) has been satisfied with respect to the Discount Offers in respect of the series of Notes with Acceptance Priority Levels of 1-3. Accordingly, AT&T plans to accept for purchase all Notes of those series that have been validly tendered and not validly withdrawn at or prior to the Expiration Date. AT&T will not accept any Notes with Acceptance Priority Levels 4-9 (as indicated in the table below) and will promptly return all validly tendered Notes of such series to the respective tendering Holders.

Acceptance Priority Level

Title of Notes

Issuer

Principal Amount Outstanding (in millions)

CUSIP Number

Principal Amount Tendered(1)

Aggregate Principal Amount Validly Tendered as of the Expiration Date that AT&T Plans to Accept(1)

Principal Amount Reflected in Notices of Guaranteed Delivery

1

3.500% Global Notes due 2061

AT&T Inc.

$1,500

00206RKF8

$851,575,000

$851,575,000

$9,322,000

2

3.300% Global Notes due 2052

AT&T Inc.

$2,250

00206RKE1

$1,264,677,000

$1,264,677,000

$70,180,000

3

3.100% Global Notes due 2043

AT&T Inc.

$2,500

00206RKD3

$1,850,001,000

$1,850,001,000

$19,455,000

4

3.850% Global Notes due 2060

AT&T Inc.

$1,500

00206RKB7

$923,482,000

-

$5,596,000

5

3.650% Global Notes due 2051

AT&T Inc.

$3,000

00206RKA9

$1,561,738,000

-

$37,106,000

6

3.500% Global Notes due 2041

AT&T Inc.

$2,500

00206RJZ6

$1,715,917,000

-

$6,286,000

7

2.250% Global Notes due 2032

AT&T Inc.

$2,500

00206RKH4

$1,271,682,000

-

$33,204,000

8

1.650% Global Notes due 2028

AT&T Inc.

$2,250

00206RKG6

$939,303,000

-

$7,702,000

9

2.300% Global Notes due 2027

AT&T Inc.

$2,500

00206RJX1

$1,230,322,000

-

$5,743,000

(1) The amounts exclude the principal amounts of Notes for which Holders have complied with certain procedures applicable to guaranteed delivery pursuant to the Guaranteed Delivery Procedures. Such amounts remain subject to the Guaranteed Delivery Procedures. Notes tendered pursuant to the Guaranteed Delivery Procedures are required to be tendered at or prior to 5:00 p.m., New York City time, on May 24, 2022.

For Holders who delivered a Notice of Guaranteed Delivery and all other required documentation at or prior to the Expiration Date, upon the terms and subject to the conditions set forth in the applicable Tender Offer Documents, the deadline to validly tender Notes using the Guaranteed Delivery Procedures will be 5:00 p.m. (New York City time) on May 24, 2022.

Upon the terms and subject to the conditions set forth in the applicable Tender Offer Documents, Holders whose Notes have been accepted for purchase in the Discount Offers will receive the applicable Total Consideration (the "Discount Offers Total Consideration") for each $1,000 principal amount of such Notes in cash on the Settlement Date. In addition to the Discount Offers Total Consideration, Holders whose Notes are accepted for purchase will receive a cash payment equal to the Accrued Coupon Payment, representing accrued and unpaid interest on such Notes from and including the immediately preceding interest payment date for such Notes to, but excluding, the Settlement Date. Interest will cease to accrue on the Settlement Date for all Notes accepted in the Discount Offers, including those tendered through the Guaranteed Delivery Procedures.

Deutsche Bank Securities Inc., TD Securities, Goldman Sachs & Co. LLC and Citigroup are acting as the Joint-Lead Dealer Managers for the tender offers. For additional information regarding the terms of the offers, please contact Deutsche Bank Securities Inc. at (866) 627-0391 (toll free) or (212) 250-2955 (collect), TD Securities at (866) 627-0391 (toll free) or (212) 250-2955 (collect), Goldman Sachs & Co. LLC at (800) 828-3182 (toll free) or (212) 357-1452 (collect) or Citigroup at (800) 558-3745 (toll free) or (212) 723-6106 (collect). Global Bondholder Services Corporation is acting as the tender agent and information agent for the tender offers. Questions or requests for assistance related to the tender offers or for additional copies of the Offers to Purchase, the Letter of Transmittal or related Notices of Guaranteed Delivery may be directed to Global Bondholder Services Corporation at (855) 654-2014 (toll free) or (212) 430-3774 (collect). You may also contact your broker, dealer, commercial bank, trust company or other nominee for assistance concerning the tender offers. The Offers to Purchase, the Letter of Transmittal and the Notices of Guaranteed Delivery can be accessed at the following link: https://gbsc-usa.com/registration/att.

This press release is not an offer to sell or a solicitation of an offer to buy any of the securities described herein. The tender offers described herein were made solely by the applicable Offer to Purchase, the Letter of Transmittal and any related Notice of Guaranteed Delivery and only to such persons and in such jurisdictions as is permitted under applicable law.

Neither the communication of this press release, the applicable Offer to Purchase or any other offer materials relating to the tender offers is being made, and such documents and/or materials have not been approved by an authorized person for the purposes of section 21 of the UK Financial Services and Markets Act 2000 (the "FSMA"). Accordingly, this press release, the Offers to Purchase and such documents and/or materials are not being distributed to, and must not be passed on to persons in the United Kingdom other than (a) persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"); or (b) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (such persons together being "relevant persons"). This press release and the Offers to Purchase are only available to relevant persons and the transactions contemplated herein will be available only to, or engaged in only with relevant persons, and must not be relied or acted upon by persons other than relevant persons.

CAUTIONARY LANGUAGE CONCERNING FORWARD-LOOKING STATEMENTS

Information set forth in this news release contains forward-looking statements that are subject to risks and uncertainties, and actual results may differ materially. A discussion of factors that may affect future results is contained in AT&T’s filings with the Securities and Exchange Commission and the Offers to Purchase related to the tender offers. AT&T disclaims any obligation to update or revise statements contained in this news release based on new information or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220522005078/en/

Contacts

McCall Butler
AT&T Corporate Communications
Phone: 404-626-5652
Email: mb8191@att.com

For holders of Notes, contact:
Global Bondholder Services Corporation
Phone: (855) 654-2014 (toll free)
(212) 430-3774 (collect)