8-K
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported) August 31, 2020

 

 

AT&T INC.

(Exact Name of Registrant as Specified in Charter)

 

 

 

Delaware   001-08610   43-1301883

(State or Other Jurisdiction

of Incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

 

208 S. Akard St., Dallas, Texas   75202
(Address of Principal Executive Offices)   (Zip Code)

Registrant’s telephone number, including area code (210) 821-4105

(Former Name or Former Address, if Changed Since Last Report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240-14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities Registered Pursuant to Section 12(b) of the Act

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange

on which registered

Common Shares (Par Value $1.00 Per Share)   T   New York Stock Exchange
Depositary Shares, each representing a 1/1000th interest in a share of 5.000% Perpetual Preferred Stock, Series A   T PRA   New York Stock Exchange
Depositary Shares, each representing a 1/1000th interest in a share of 4.750% Perpetual Preferred Stock, Series C   T PRC   New York Stock Exchange
AT&T Inc. Floating Rate Global Notes due August 3, 2020   T 20C   New York Stock Exchange
AT&T Inc. 1.875% Global Notes due December 4, 2020   T 20   New York Stock Exchange
AT&T Inc. 2.650% Global Notes due December 17, 2021   T 21B   New York Stock Exchange
AT&T Inc. 1.450% Global Notes due June 1, 2022   T 22B   New York Stock Exchange
AT&T Inc. 2.500% Global Notes due March 15, 2023   T 23   New York Stock Exchange
AT&T Inc. 2.750% Global Notes due May 19, 2023   T 23C   New York Stock Exchange
AT&T Inc. Floating Rate Global Notes due September 5, 2023   T 23D   New York Stock Exchange
AT&T Inc. 1.050% Global Notes due September 5, 2023   T 23E   New York Stock Exchange
AT&T Inc. 1.300% Global Notes due September 5, 2023   T 23A   New York Stock Exchange
AT&T Inc. 1.950% Global Notes due September 15, 2023   T 23F   New York Stock Exchange
AT&T Inc. 2.400% Global Notes due March 15, 2024   T 24A   New York Stock Exchange
AT&T Inc. 3.500% Global Notes due December 17, 2025   T 25   New York Stock Exchange
AT&T Inc. 0.250% Global Notes due March 4, 2026   T 26E   New York Stock Exchange
AT&T Inc. 1.800% Global Notes due September 5, 2026   T 26D   New York Stock Exchange
AT&T Inc. 2.900% Global Notes due December 4, 2026   T 26A   New York Stock Exchange
AT&T Inc. 1.600% Global Notes due May 19, 2028   T 28C   New York Stock Exchange
AT&T Inc. 2.350% Global Notes due September 5, 2029   T 29D   New York Stock Exchange
AT&T Inc. 4.375% Global Notes due September 14, 2029   T 29B   New York Stock Exchange
AT&T Inc. 2.600% Global Notes due December 17, 2029   T 29A   New York Stock Exchange
AT&T Inc. 0.800% Global Notes due March 4, 2030   T 30B   New York Stock Exchange
AT&T Inc. 2.050% Global Notes due May 19, 2032   T 32A   New York Stock Exchange
AT&T Inc. 3.550% Global Notes due December 17, 2032   T 32   New York Stock Exchange
AT&T Inc. 5.200% Global Notes due November 18, 2033   T 33   New York Stock Exchange
AT&T Inc. 3.375% Global Notes due March 15, 2034   T 34   New York Stock Exchange
AT&T Inc. 2.450% Global Notes due March 15, 2035   T 35   New York Stock Exchange
AT&T Inc. 3.150% Global Notes due September 4, 2036   T 36A   New York Stock Exchange
AT&T Inc. 2.600% Global Notes due May 19, 2038   T 38C   New York Stock Exchange
AT&T Inc. 1.800% Global Notes due September 14, 2039   T 39B   New York Stock Exchange
AT&T Inc. 7.000% Global Notes due April 30, 2040   T 40   New York Stock Exchange
AT&T Inc. 4.250% Global Notes due June 1, 2043   T 43   New York Stock Exchange
AT&T Inc. 4.875% Global Notes due June 1, 2044   T 44   New York Stock Exchange
AT&T Inc. 4.000% Global Notes due June 1, 2049   T 49A   New York Stock Exchange
AT&T Inc. 4.250% Global Notes due March 1, 2050   T 50   New York Stock Exchange
AT&T Inc. 3.750% Global Notes due September 1, 2050   T 50A   New York Stock Exchange
AT&T Inc. 5.350% Global Notes due November 1, 2066   TBB   New York Stock Exchange
AT&T Inc. 5.625% Global Notes due August 1, 2067   TBC   New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

 

 


Item 8.01

Other Events.

On August 31, 2020, AT&T Inc. issued the press release attached hereto as Exhibit 99.1, which is incorporated by reference in its entirety.

 

Item 9.01

Financial Statements and Exhibits.

The following exhibits are filed as part of this report:

 

(d)

Exhibits

 

99.1    Press Release of AT&T Inc., dated August 31, 2020 relating to the commencement of exchange offers
104    The cover page from AT&T Inc.’s Current Report on Form 8-K, formatted in Inline XBRL


Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    AT&T INC.
Date: August 31, 2020     By:  

/s/ George B. Goeke

      George B. Goeke
      Senior Vice President and Treasurer
EX-99.1

Exhibit 99.1

 

LOGO   

News Release

For more information, contact:    

McCall Butler

AT&T Corporate and Financial Communications

Phone: (470) 773-5704

Email: mb8191@att.com

For holders of notes, contact:

Global Bondholder Services Corporation

Phone: (866) 470-3900 (toll free)

  (212) 430-3774 (collect)

AT&T INC. ANNOUNCES DEBT EXCHANGE OFFERS FOR FORTY-TWO SERIES OF NOTES

Dallas, Texas, August 31, 2020 — AT&T Inc. (NYSE: T) (“AT&T”) announced today the commencement of private offers to (i) exchange (the “Pool 1 Offer”) twenty-five series of notes issued by AT&T and certain of AT&T’s wholly-owned subsidiaries (collectively, the “Pool 1 Notes”) for a combination of cash and a new series of AT&T’s senior notes to be due in 2053 (the “New 2053 Notes”) as described in, and for the consideration summarized in, the table below. The aggregate principal amount of Pool 1 Notes that are accepted for exchange will be based on the order of acceptance priority for such series as set forth in the table below, and such that the aggregate principal amount of Pool 1 Notes accepted in the Pool 1 Offer results in the issuance of New 2053 Notes in an amount not exceeding $5,000,000,000 (the “2053 Notes Cap”);


Title of Security

  

Issuer

   CUSIP
Number(s)
     Principal
Amount
Outstanding
(MM)(1)
     Reference UST
Security
    Fixed Spread
(basis points)(2)
     Cash
Payment
Percent of
Premium(3)
    Acceptance
Priority

Level
 
Pool 1 Notes                   
8.750% Senior Notes due 2031    New Cingular Wireless Services, Inc.(4)      00209AAF3      $ 274.9       
0.625% due
8/15/2030
 
 
    155        40%       1  

8.750% Senior Notes due
November 15, 2031(5)

   AT&T Corp.     
001957BD0 /
U03017BC0
 
 
   $ 109.2       

0.625% due

8/15/2030

 

 

    165        50%       2  

8.30% Discount Debentures
due 2036

   Historic TW(6)      887315AZ2      $ 156.0       
1.25% due
5/15/2050
 
 
    200        40%       3  
7.700% Debentures due 2032    Time Warner(7)      00184AAG0      $ 139.1       
0.625% due
8/15/2030
 
 
    170        25%       4  
7.625% Debentures due 2031    Time Warner(7)      00184AAC9      $ 155.5       
0.625% due
8/15/2030
 
 
    155        25%       5  
7.125% Senior Notes due 2031    AT&T Mobility LLC(8)      17248RAJ5      $ 151.4       
0.625% due
8/15/2030
 
 
    165        45%       6  
6 7/8% Notes due 2031    BellSouth, LLC(9)      079860AD4      $ 113.8       
0.625% due
8/15/2030
 
 
    165        40%       7  
6.550% Notes due 2034    BellSouth, LLC(9)      079860AE2      $ 147.4       
0.625% due
8/15/2030
 
 
    185        25%       8  
6.00% Notes due 2034    BellSouth, LLC(9)      079860AK8      $ 201.1       
0.625% due
8/15/2030
 
 
    190        25%       9  
6.800% Notes due 2036    AT&T Inc.      00206RAB8      $ 128.3       
1.25% due
5/15/2050
 
 
    200        60%       10  
6.55% Global Notes due 2039    AT&T Inc.      00206RAS1      $ 510.1       
1.25% due
5/15/2050
 
 
    175        25%       11  
6.500% Global Notes due 2036    AT&T Inc.      00206RJC7      $ 160.3       
1.25% due
5/15/2050
 
 
    200        25%       12  
6.500% Global Notes due 2037    AT&T Inc.      00206RAD4      $ 412.1       
1.25% due
5/15/2050
 
 
    165        25%       13  
6.40% Global Notes due 2038    AT&T Inc.      00206RAN2      $ 229.0       
1.25% due
5/15/2050
 
 
    170        25%       14  
6.350% Global Notes due 2040    AT&T Inc.      00206RDE9      $ 490.5       
1.25% due
5/15/2050
 
 
    180        25%       15  
6.300% Global Notes due 2038    AT&T Inc.      00206RAG7      $ 849.4       
1.25% due
5/15/2050
 
 
    165        25%       16  
6.200% Global Notes due 2040    AT&T Inc.      00206RJD5      $ 329.3       
1.25% due
5/15/2050
 
 
    180        25%       17  
6.100% Global Notes due 2040    AT&T Inc.      00206RJE3      $ 392.7       
1.25% due
5/15/2050
 
 
    180        25%       18  
6.000% Global Notes due 2040*    AT&T Inc.      00206RDF6      $ 1,234.0       
1.25% due
5/15/2050
 
 
    180        25%       19  
5.35% Global Notes due 2040    AT&T Inc.     

04650NAB0/

U9475PAA6

 

 

   $ 1,789.6       
1.25% due
5/15/2050
 
 
    180        25%       20  
5.250% Global Notes due 2037*    AT&T Inc.      00206RDR0      $ 3,000.0       
1.25% due
5/15/2050
 
 
    160        25%       21  
4.900% Global Notes due 2037*    AT&T Inc.     
00206RFW7 /
U04644CJ4
 
 
   $ 1,278.7       
1.25% due
5/15/2050
 
 
    160        25%       22  
4.850% Global Notes due 2039*    AT&T Inc.      00206RHK1      $ 2,000.0       
1.25% due
5/15/2050
 
 
    165        25%       23  
4.800% Global Notes due 2044*    AT&T Inc.      00206RCG5      $ 2,500.0       
1.25% due
5/15/2050
 
 
    190        25%       24  
4.30% Global Notes due 2042*    AT&T Inc.     
00206RBH4 /
00206RBG6
 
 
   $ 1,956.1       
1.25% due
5/15/2050
 
 
    190        25%       25  

 

(1)

Rounded to the nearest tenth of a million.

(2)

The early participation payment for the Pool 1 Offer will be $50 of principal amount of New 2053 Notes per $1,000 principal amount of Pool 1 Notes and is included in the total consideration.

(3)

The cash payment percent of premium is the percent of the amount by which the total consideration exceeds $1,000 in principal amount and cash per $1,000 principal amount of such Old Notes.

(4)

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

(5)

The 8.750% Senior Notes due November 15, 2031 are fully, unconditionally and irrevocably guaranteed by AT&T. The initial interest rate on the 8.750% Senior Notes due November 15, 2031 was 8.000%.

(6)

References to Historic TW refer to Historic TW Inc., the successor in interest to Time Warner Companies Inc.

(7)

References to Time Warner refer to Warner Media, LLC, the successor in interest to Time Warner Inc.

(8)

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

(9)

The 6 7/8% Notes due 2031, 6.550% Notes due 2034, and 6.00% Notes due 2034 were originally issued by BellSouth Corporation, which subsequently converted to BellSouth, LLC.

 

*

Denotes a series of Old Notes for which the total consideration and exchange consideration will be determined taking into account the par call date, instead of the maturity date, in accordance with standard market practice.

(ii) exchange (the “Pool 2 Offer”) ten series of notes issued by AT&T (collectively, the “Pool 2 Notes”) for a combination of cash and a new series of AT&T’s senior notes to be due in 2055 (the “New 2055 Notes”) as described in, and for the consideration summarized in, the table below. The aggregate principal amount of Pool 2 Notes that are accepted for exchange will be based on the order of acceptance priority for such series as set forth in the table below, and such that the aggregate principal amount of Pool 2 Notes accepted in the Pool 2 Offer results in the issuance of New 2055 Notes in an amount not exceeding $5,000,000,000 (the “2055 Notes Cap”);


Title of Security

   Issuer      CUSIP
Number(s)
     Principal
Amount
Outstanding
(MM)(1)
     Reference
UST
Security
    Fixed Spread
(basis points)(2)
     Cash
Payment
Percent of
Premium(3)
    Acceptance
Priority
Level
 
Pool 2 Notes                   

6.375% Global Notes due 2041

     AT&T Inc.        00206RDG4      $ 984.1       
1.25% due
5/15/2050
 
 
    190        25%       1  
6.250% Global Notes due 2041      AT&T Inc.        00206RJF0      $ 521.7       
1.25% due
5/15/2050
 
 
    190        25%       2  
5.550% Global Notes due 2041      AT&T Inc.        00206RBA9      $ 1,009.5       
1.25% due
5/15/2050
 
 
    190        25%       3  
5.375% Global Notes due 2041      AT&T Inc.        00206RJG8      $ 447.3       
1.25% due
5/15/2050
 
 
    190        25%       4  
5.350% Global Notes due 2043      AT&T Inc.        00206RJJ2      $ 436.3       
1.25% due
5/15/2050
 
 
    190        25%       5  
5.150% Global Notes due 2042      AT&T Inc.        00206RDH2      $ 1,208.5       
1.25% due
5/15/2050
 
 
    190        25%       6  
5.150% Global Notes due 2046*      AT&T Inc.       

00206RHA3 /
00206RFM9 /
U04644BX4
 
 
 
   $ 1,750.7       
1.25% due
5/15/2050
 
 
    195        25%       7  
4.850% Global Notes due 2045*      AT&T Inc.        00206RJL7    $ 795.7       
1.25% due
5/15/2050
 
 
    190        25%       8  
4.750% Global Notes due 2046*      AT&T Inc.        00206RCQ3      $ 3,500.0       
1.25% due
5/15/2050
 
 
    195        25%       9  
4.35% Global Notes due 2045*      AT&T Inc.       
00206RBK7 /
U04644AE7
 
   $ 3,043.9       
1.25% due
5/15/2050
 
 
    190        25%       10  

 

(1)

Rounded to the nearest tenth of a million.

(2)

The early participation payment for the Pool 2 Offer will be $50 of principal amount of New 2055 Notes per $1,000 principal amount of Pool 2 Notes and is included in the total consideration.

(3)

The cash payment percent of premium is the percent of the amount by which the total consideration exceeds $1,000 in principal amount and cash per $1,000 principal amount of such Old Notes.

 

*

Denotes a series of Old Notes for which the total consideration and exchange consideration will be determined taking into account the par call date, instead of the maturity date, in accordance with standard market practice.

and (iii) exchange (the “Pool 3 Offer” and, together with the Pool 1 Offer and the Pool 2 Offer, the “Exchange Offers”) seven series of notes issued by AT&T (collectively, the “Pool 3 Notes” and, together with the Pool 1 Notes and the Pool 2 Notes, the “Old Notes”) for a combination of cash and a new series of AT&T’s senior notes to be due in 2059 (the “New 2059 Notes” and, together with the New 2053 Notes and the New 2055 Notes, the “New Notes”) as described in, and for the consideration summarized in, the table below. The aggregate principal amount of Pool 3 Notes that are accepted for exchange will be based on the order of acceptance priority for such series as set forth in the table below, and such that the aggregate principal amount of Pool 3 Notes accepted in the Pool 3 Offer results in the issuance of New 2059 Notes in an amount not exceeding $5,000,000,000 (the “2059 Notes Cap”).


Title of Security

   Issuer    CUSIP
Number(s)
     Principal
Amount
Outstanding
(MM)(1)
     Reference
UST
Security
  Fixed Spread
(basis points)(2)
   Cash
Payment
Percent of
Premium(3)
  Acceptance
Priority
Level
Pool 3 Notes                   
5.700% Global Notes due 2057*    AT&T Inc.      00206RDT6      $ 1,000.0      1.25% due
5/15/2050
  220    60%   1
5.650% Global Notes due 2047*    AT&T Inc.      00206RCU4      $ 1,500.0      1.25% due
5/15/2050
  200    25%   2
5.450% Global Notes due 2047*    AT&T Inc.      00206RDS8      $ 2,000.0      1.25% due
5/15/2050
  200    25%   3
5.300% Global Notes due 2058*    AT&T Inc.     

00206RFS6 /

U04644CG0

 

 

   $ 643.7      1.25% due
5/15/2050
  220    80%   4
5.150% Global Notes due 2050*    AT&T Inc.      00206RFU1      $ 1,694.7      1.25% due
5/15/2050
  205    25%   5
4.550% Global Notes due 2049*    AT&T Inc.     
00206RDM1 /
00206RDK5
 
 
   $ 2,500.0      1.25% due
5/15/2050
  200    25%   6
4.500% Global Notes due 2048*    AT&T Inc.     

00206RDL3 /

00206RDJ8

 

 

   $ 4,500.0      1.25% due
5/15/2050
  200    25%   7

 

(1)

Rounded to the nearest tenth of a million.

(2)

The early participation payment for the Pool 3 Offer will be $50 of principal amount of New 2059 Notes per $1,000 principal amount of Pool 3 Notes and is included in the total consideration.

(3)

The cash payment percent of premium is the percent of the amount by which the total consideration exceeds $1,000 in principal amount and cash per $1,000 principal amount of such Old Notes.

 

*

Denotes a series of Old Notes for which the total consideration and exchange consideration will be determined taking into account the par call date, instead of the maturity date, in accordance with standard market practice.

In addition, 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.

The Exchange Offers are being conducted upon the terms and subject to the conditions set forth in an offering memorandum, dated August 31, 2020. AT&T reserves the right, in its sole discretion, to increase the 2053 Notes Cap, the 2055 Notes Cap and/or the 2059 Notes Cap following commencement of the Exchange Offers.

Each Exchange Offer is subject to certain conditions, including, (i) with respect to the Pool 1 Offer, a minimum of $1,000,000,000 aggregate principal amount of New 2053 Notes being issued in the Pool 1 Offer, (ii) with respect to the Pool 2 Offer, a minimum of $1,000,000,000 aggregate principal amount of New 2055 Notes being issued in the Pool 2 Offer, (iii) with respect to the Pool 3 Offer, a minimum of $1,000,000,000 aggregate principal amount of New 2059 Notes being issued in the Pool 3 Offer, (iv) as of 11:00 a.m. New York City time on September 15, 2020, the combination of the yield of the New Notes and the total consideration or exchange consideration as described in the Offering Memorandum, as applicable, for the applicable series of Old Notes would result in the New Notes and such Old Notes not being treated as “substantially different” under ASC 470-50


and (v) with respect to any Old Notes validly tendered pursuant to any Exchange Offer that will be exchanged on the Final Settlement Date, we determine that the New Notes to be issued on the Final Settlement Date in such Exchange Offer will be treated as part of the same issue as the New Notes, if any, issued on the Early Settlement Date for U.S. federal income tax purposes pursuant to specified tests.

Only Eligible Holders (as defined below) of Old Notes who validly tender their Old Notes at or before 5:00 p.m. New York City time on September 14, 2020, subject to any extension by AT&T (the “Early Participation Date”), who do not validly withdraw their tenders and whose Old Notes are accepted for exchange, will receive an early participation payment.

The Exchange Offers will expire at 11:59 p.m., New York City time, on September 28, 2020, unless extended or earlier terminated by AT&T (the “Expiration Date”). Tenders of Old Notes submitted in the Exchange Offers at or prior to 5:00 p.m. New York City time on September 14, 2020, subject to any extension by AT&T (the “Withdrawal Deadline”), may be validly withdrawn at any time prior to the Withdrawal Deadline, but thereafter will be irrevocable, except in certain limited circumstances where additional withdrawal rights are required by law (as determined by AT&T). Tenders submitted in the Exchange Offers after the Withdrawal Deadline will be irrevocable except in the limited circumstances where additional withdrawal rights are required by law (as determined by AT&T).

AT&T reserves the right, but is under no obligation, at any point following the Early Participation Date and before the Expiration Date, to accept for exchange any Old Notes validly tendered at or prior to the Early Participation Date (the date of such exchange, the “Early Settlement Date”). The Early Settlement Date will be determined at AT&T’s option and is currently expected to occur on September 18, 2020, the fourth business day immediately following the Early Participation Date. If, after the Early Participation Date, AT&T chooses to exercise its option to have an Early Settlement Date and all conditions to the relevant Exchange Offers have been or are concurrently satisfied or waived by AT&T, AT&T will, subject to the terms of the Exchange Offers, accept for exchange all Old Notes validly tendered in the Exchange Offers prior to the Early Participation Date subject to proration, and the exchange for such Old Notes will be made on the Early Settlement Date.

The Final Settlement Date for the Exchange Offers will be promptly after the Expiration Date and is currently expected to occur on September 30, 2020, the second business day immediately following the Expiration Date.

The Exchange Offers are only being made, and the New Notes are only being offered and will only be issued, and copies of the offering documents will only be made available, to a holder of Old Notes who has certified its status as either (a) if in the United States, a “qualified institutional buyer,” or “QIB,” as that term is defined in Rule 144A under the United States Securities Act of 1933, as amended (the “Securities Act”), in a private


transaction in reliance upon an exemption from the registration requirements of the Securities Act or (b) (i) if outside the United States, a person other than a “U.S. person,” as that term is defined in Rule 902 under the Securities Act, in offshore transactions in reliance upon Regulation S under the Securities Act, or a dealer or other professional fiduciary organized, incorporated or (if an individual) residing in the United States holding a discretionary account or similar account (other than an estate or a trust) for the benefit or account of a non-“U.S. person,” (ii) if located or resident in any Member State of the European Economic Area or in the United Kingdom, persons other than “retail investors” (for these purposes, a retail investor means a person who is one (or more) of: (1) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, “MiFID II”); or (2) a customer within the meaning of Directive (EU) 2016/97, as amended, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (3) not a “qualified investor” as defined in Regulation (EU) 2017/1129, as amended, and consequently no key information document required by Regulation (EU) No 1286/2014 (as amended, the “PRIIPs Regulation”) for offering or selling the New Notes or otherwise making them available to retail investors in the European Economic Area or in the United Kingdom has been prepared and therefore offering or selling the New Notes or otherwise making them available to any retail investor in the European Economic Area or in the United Kingdom may be unlawful under the PRIIPs Regulation and (iii) if located or resident in Canada, a holder located or resident in a province of Canada and an “accredited investor” as such term is defined in National Instrument 45-106Prospectus Exemptions, and, if resident in Ontario, section 73.3(1) of the Securities Act (Ontario), in each case, that is not an individual unless that person is also a “permitted client” as defined in National Instrument 31-103 - Registration Requirements, Exemptions and Ongoing Registrant Obligations (each, an “Eligible Holder”). Only Eligible Holders who have confirmed they are Eligible Holders via the eligibility certification are authorized to receive or review the offering memorandum, eligibility certification and Canadian beneficial holder form or to participate in the Exchange Offers. For Canadian Eligible Holders tendering Old Notes, such participation is also conditioned upon the receipt of the Canadian beneficial holder form. There is no separate letter of transmittal in connection with the offering memorandum.

The New Notes have not been registered under the Securities Act or any state securities laws. Therefore, the New Notes may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and any applicable state securities laws.

Holders are advised to check with any bank, securities broker or other intermediary through which they hold Old Notes as to when such intermediary needs to receive instructions from a holder in order for that holder to be able to participate in, or (in the circumstances in which revocation is permitted) revoke their instruction to participate in the Exchange Offers before the deadlines specified herein and in the offering


memorandum, eligibility certification and Canadian beneficial holder form. The deadlines set by each clearing system for the submission and withdrawal of exchange instructions will also be earlier than the relevant deadlines specified herein and in the offering memorandum, eligibility certification and Canadian beneficial holder form.

This press release is not an offer to sell or a solicitation of an offer to buy any of the securities described herein. The Exchange Offers are being made solely by the offering memorandum, eligibility certification and Canadian beneficial holder form and only to such persons and in such jurisdictions as is permitted under applicable law.

In the United Kingdom, this press release is only being communicated to, and any other documents or materials relating to the Exchange Offers are only being distributed to and are only directed at, (i) persons who are outside the United Kingdom, (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order”) or (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Articles 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). Any investment or investment activity to which this announcement relates is available only to relevant persons and will be engaged in only with relevant persons. Any person who is not a relevant person should not act or rely on this announcement or any of its contents.

Global Bondholder Services Corporation will act as the exchange agent and information agent for the Exchange Offers. Documents relating to the Exchange Offers will only be distributed to holders of Old Notes who certify that they are Eligible Holders. Questions or requests for assistance related to the Exchange Offers or for additional copies of the offering memorandum, eligibility certification or Canadian beneficial holder form may be directed to Global Bondholder Services Corporation at (866) 470-3900 (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 Exchange Offers. The offering memorandum, eligibility certification and Canadian beneficial holder form can be accessed at the following link: https://gbsc-usa.com/eligibility/att.

AT&T anticipates that the dealer managers selected for the Exchange Offers will include 22 minority-, disabled veteran-, and women-owned brokerage firms.

###

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 in the offering memorandum related to the Exchange Offers. AT&T disclaims any obligation to update or revise statements contained in this news release based on new information or otherwise.

v3.20.2
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Aug. 31, 2020
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