The debt-laden firm, led by Randall Stephenson, has been boosting its liquidity amid the novel coronavirus pandemic.
Telecom large and WarnerMedia proprietor AT&T is elevating one other $12.5 billion by way of a bond sale, saying it is going to use the proceeds to repay excellent debt.
The conglomerate has been boosting its liquidity amid the novel coronavirus pandemic, together with earlier this week, when it mentioned it was issuing €three billion ($three.27 billion) in new debt. It beforehand additionally unveiled a $5.5 billion time period mortgage to spice up its monetary flexibility amid the pandemic.
Its newest bond providing, which incorporates 5 forms of world notes due between 2027 and 2060, will make the most of a current credit score market rally. The rates of interest on the bonds vary from 2.three p.c to three.85 p.c.
In a regulatory submitting on Friday, the corporate mentioned it could use the proceeds from the brand new debt increase “for the early redemption or reimbursement of the … excellent debt.”
AT&T, led by Randall Stephenson, who will step down as CEO on July 1 after which function chairman till the beginning of 2021, has a heavy debt load, with greater than $150 billion in debt as of the tip of 2019.
Firms throughout the leisure and different industries have been borrowing extra to shore up their steadiness sheets amid concern about liquidity by means of the pandemic and the ensuing recession.