Form 8-K AT&T INC. For: May 20

May 23, 2022 7:46 AM EDT

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Exhibit 99.1

 

LOGO

For more information, contact:

Name: McCall Butler

AT&T Corporate Communications

Phone: 404-626-5652

Email: [email protected]

For holders of Notes, contact:

Global Bondholder Services Corporation

Phone: (855) 654-2014 (toll free)

            (212) 430-3774 (collect)

AT&T INC. ANNOUNCES PRICING OF TENDER OFFERS FOR 63 SERIES OF NOTES

DALLAS, May 20, 2022 — AT&T Inc. (NYSE: T) (“AT&T”) announced today the pricing of its offers to purchase for cash (i) 54 series of outstanding Notes listed in the table below under “Higher Coupon Offers”, up to a maximum $5 billion aggregate amount of Higher Coupon Total Consideration (as defined below) and (ii) 9 series of outstanding Notes described below under “Discount Offers”, up to a maximum $3 billion aggregate amount of Discount Total Consideration (as defined below). The tender offers described herein are being made on the terms and conditions set forth in the Offers to Purchase, dated May 16, 2022 (the “Offers to Purchase”). The Offers to Purchase, the Letter of Transmittal and the related notices of guaranteed delivery can be accessed at the following link: https://gbsc-usa.com/registration/att. Capitalized terms used but not defined in this announcement have the meanings given to them in the Offers to Purchase.

 

Page 1


HIGHER COUPON OFFERS

The table below sets forth the applicable Reference Yields and Total Consideration for each series of the Notes listed below, as calculated at 11:00 a.m., New York City time, today, May 20, 2022, in accordance with the Offer to Purchase for the Higher Coupon Offers.

 

Acceptance
Priority
Level(1)

 

Title of Notes

 

Issuer

  Principal
Amount
Outstanding
(in millions)
   

CUSIP
Number

  Par Call
Date(2)
 

Maturity Date

 

Reference
U.S.
Treasury
Security

  Reference
Yield
    Bloomberg
Reference
Page
  Fixed
Spread
(Basis
Points)
  Total
Consideration(3)
 

1

  8.750% Senior Notes due 2031*   New Cingular Wireless Services, Inc.(4)   $ 258     00209AAF3 / U0027MAC1     March 1, 2031   2.875% due 05/15/2032     2.819   PX1   165   $ 1,307.51  

2

  8.750% Global Notes due 2031   AT&T Inc.   $ 216     00206RGV8     March 1, 2031   2.875% due 05/15/2032     2.819   PX1   165   $ 1,307.51  

3

  8.750% Global Notes due 2031   AT&T Inc.(5)   $ 218     00206RGU0     November 15, 2031   2.875% due 05/15/2032     2.819   PX1   165   $ 1,327.57  

4

  7.875% Global Notes due 2030  

AT&T Inc.

 

$

202

 

 

00206RGR7

 
  February 15, 2030   2.875% due 05/15/2032     2.819   PX1   160   $ 1,223.87  

5

  7 1/8% Debentures due 2026*+   Pacific Bell Telephone Company(6)(7)   $ 219     694032AT0     March 15, 2026   2.750% due 04/30/2027     2.827   PX1   105   $ 1,113.74  

6

  7.125% Global Notes due 2026   AT&T Inc.   $ 257     00206RGH9     March 15, 2026   2.750% due 04/30/2027     2.827   PX1   105   $ 1,113.74  

7

  7.625% Global Notes due 2031*   AT&T Inc.   $ 188     00206RHZ8     April 15, 2031   2.875% due 05/15/2032     2.819   PX1   165   $ 1,229.30  

8

  7.700% Global Notes due 2032*   AT&T Inc.   $ 157     00206RJA1     May 1, 2032   2.875% due 05/15/2032     2.819   PX1   170   $ 1,252.22  

9

  7.125% Senior Notes due 2031*   AT&T Mobility LLC(8)   $ 151     17248RAJ5     December 15, 2031   2.875% due 05/15/2032     2.819   PX1   165   $ 1,204.65  

10

  6.875% Global Notes due 2031   AT&T Inc.   $ 169     00206RGS5     October 15, 2031   2.875% due 05/15/2032     2.819   PX1   165   $ 1,182.74  

11

  6.625% Global Notes due 2029*   AT&T Inc.   $ 190     00206RHY1     May 15, 2029   2.875% due 05/15/2032     2.819   PX1   155   $ 1,134.28  

12

  Thirty Year 6 3/8% Debentures due 2028*   BellSouth Telecommunications, LLC(9)   $ 177     079867AW7     June 1, 2028   2.750% due 04/30/2027     2.827   PX1   115   $ 1,127.14  

13

  6.500% Global Notes due 2036*   AT&T Inc.   $ 156     00206RJC7     November 15, 2036   2.875% due 05/15/2032     2.819   PX1   190   $ 1,185.21  

14

  6.450% Global Notes due 2034   AT&T Inc.(10)   $ 253     78387GAM5     June 15, 2034   2.875% due 05/15/2032     2.819   PX1   180   $ 1,167.75  

15

  6.550% Global Notes due 2039   AT&T Inc.   $ 443     00206RAS1     February 15, 2039   2.375% due 02/15/2042     3.225   PX1   170   $ 1,183.58  

16

  6.500% Global Notes due 2037   AT&T Inc.   $ 239     00206RAD4     September 1, 2037   2.875% due 05/15/2032     2.819   PX1   195   $ 1,186.09  

17

  6.400% Global Notes due 2038   AT&T Inc.   $ 165     00206RAN2     May 15, 2038   2.375% due 02/15/2042     3.225   PX1   165   $ 1,167.84  

18

  6.350% Global Notes due 2040   AT&T Inc.   $ 158     00206RDE9     March 15, 2040   2.375% due 02/15/2042     3.225   PX1   175   $ 1,161.06  

 

Page 2


19

  6.200% Global Notes due 2040*   AT&T Inc.   $ 265     00206RJD5     March 15, 2040   2.375% due 02/15/2042     3.225   PX1   175   $ 1,143.48  

20

  6.150% Global Notes due 2034   AT&T Inc.(10)   $ 356     78387GAQ6     September 15, 2034   2.875% due 05/15/2032     2.819   PX1   180   $ 1,142.38  

21

  6.000% Notes due 2034*   BellSouth, LLC(11)   $ 198     079860AK8     November 15, 2034   2.875% due 05/15/2032     2.819   PX1   180   $ 1,129.78  

22

  6.100% Global Notes due 2040*   AT&T Inc.   $ 248     00206RJE3     July 15, 2040   2.375% due 02/15/2042     3.225   PX1   175   $ 1,133.31  

23

  6.250% Global Notes due 2041*   AT&T Inc.   $ 330     00206RJF0     March 29, 2041   2.375% due 02/15/2042     3.225   PX1   160   $ 1,174.98  

24

  6.300% Global Notes due 2038   AT&T Inc.   $ 749     00206RAG7     January 15, 2038   2.375% due 02/15/2042     3.225   PX1   145   $ 1,178.76  

25

  6.000% Global Notes due 2040   AT&T Inc.   $ 471     00206RDF6   May 15,
2040
  August 15, 2040   2.375% due 02/15/2042     3.225   PX1   175   $ 1,120.78  

26

  6.375% Global Notes due 2041   AT&T Inc.   $ 604     00206RDG4     March 1, 2041   2.375% due 02/15/2042     3.225   PX1   150   $ 1,203.73  

27

  5.350% Global Notes due 2043*   AT&T Inc.   $ 191     00206RJJ2     December 15, 2043   2.375% due 02/15/2042     3.225   PX1   190   $ 1,029.12  

28

  5.375% Global Notes due 2041*   AT&T Inc.   $ 187     00206RJG8     October 15, 2041   2.375% due 02/15/2042     3.225   PX1   180   $ 1,042.98  

29

  5.550% Global Notes due 2041   AT&T Inc.   $ 676     00206RBA9     August 15, 2041   2.375% due 02/15/2042     3.225   PX1   160   $ 1,090.08  

30

  5.700% Global Notes due 2057   AT&T Inc.   $ 485     00206RDT6   September 1,
2056
  March 1, 2057   2.250% due 02/15/2052     3.046   PX1   190   $ 1,123.78  

31

  5.300% Global Notes due 2058   AT&T Inc.   $ 182     00206RFS6 / U04644CG0   February 14,
2058
  August 15, 2058   2.250% due 02/15/2052     3.046   PX1   190   $ 1,058.99  

32

  5.350% Global Notes due 2040*   AT&T Inc.   $ 1,069     04650NAB0 / U9475PAA6     September 1, 2040   2.375% due 02/15/2042     3.225   PX1   150   $ 1,075.83  

33

  5.650% Global Notes due 2047   AT&T Inc.   $ 959     00206RCU4   August 15,
2046
  February 15, 2047   2.250% due 02/15/2052     3.046   PX1   170   $ 1,129.23  

34

  5.450% Global Notes due 2047   AT&T Inc.   $ 749     00206RDS8   September 1,
2046
  March 1, 2047   2.250% due 02/15/2052     3.046   PX1   170   $ 1,100.73  

35

  5.150% Global Notes due 2042   AT&T Inc.   $ 590     00206RDH2     March 15, 2042   2.375% due 02/15/2042     3.225   PX1   155   $ 1,047.61  

 

Page 3


36

  4.850% Global Notes due 2045*   AT&T Inc.   $ 401     00206RJL7   January 15,
2045
  July 15, 2045   2.375% due 02/15/2042     3.225   PX1   165   $ 996.50  

37

  5.250% Global Notes due 2037   AT&T Inc.   $ 1,794     00206RDR0   September 1,
2036
  March 1, 2037   2.875% due 05/15/2032     2.819   PX1   160   $ 1,087.17  

38

  4.800% Global Notes due 2044   AT&T Inc.   $ 607     00206RCG5   December 15,
2043
  June 15, 2044   2.375% due 02/15/2042     3.225   PX1   165   $ 989.91  

39

  4.900% Global Notes due 2042*   AT&T Inc.   $ 394     00206RJH6     June 15, 2042   2.375% due 02/15/2042     3.225   PX1   160   $ 1,009.54  

40

  5.150% Global Notes due 2050   AT&T Inc.   $ 941     00206RFU1   August 14,
2049
  February 15, 2050   2.250% due 02/15/2052     3.046   PX1   168   $ 1,064.48  

41

  5.150% Global Notes due 2046   AT&T Inc.   $ 743     00206RHA3 / 00206RFM9 / U04644BX4   May 15,
2046
  November 15, 2046   2.250% due 02/15/2052     3.046   PX1   170   $ 1,057.45  

42

  4.650% Global Notes due 2044*   AT&T Inc.   $ 471     00206RJK9   December 1,
2043
  June 1, 2044   2.375% due 02/15/2042     3.225   PX1   165   $ 969.82  

43

  4.900% Global Notes due 2037   AT&T Inc.   $ 683     00206RFW7   February 14,
2037
  August 15, 2037   2.875% due 05/15/2032     2.819   PX1   160   $ 1,051.57  

44

  4.850% Global Notes due 2039   AT&T Inc.   $ 956     00206RHK1   September 1,
2038
  March 1, 2039   2.375% due 02/15/2042     3.225   PX1   150   $ 1,014.01  

45

  4.550% Global Notes due 2049   AT&T Inc.   $ 931     00206RDM1 / 00206RDK5   September 9,
2048
  March 9, 2049   2.250% due 02/15/2052     3.046   PX1   170   $ 970.39  

46

  4.750% Global Notes due 2046   AT&T Inc.   $ 1,872     00206RCQ3   November 15,
2045
  May 15, 2046   2.250% due 02/15/2052     3.046   PX1   170   $ 1,000.55  

47

  4.350% Global Notes due 2045*   AT&T Inc.   $ 1,115     00206RBK7   December 15,
2044
  June 15, 2045   2.375% due 02/15/2042     3.225   PX1   165   $ 927.76  

48

  4.500% Global Notes due 2048   AT&T Inc.   $ 1,734     00206RDL3 / 00206RDJ8   September 9,
2047
  March 9, 2048   2.250% due 02/15/2052     3.046   PX1   170   $ 963.57  

49

  4.300% Global Notes due 2042*   AT&T Inc.   $ 1,297     00206RBH4   June 15,
2042
  December 15, 2042   2.375% due 02/15/2042     3.225   PX1   162   $ 929.54  

50

  4.500% Global Notes due 2035   AT&T Inc.   $ 2,500     00206RCP5   November 15,
2034
  May 15, 2035   2.875% due 05/15/2032     2.819   PX1   160   $ 1,007.69  

51

  4.350% Global Notes due 2029   AT&T Inc.   $ 3,000     00206RHJ4   December 1,
2028
  March 1, 2029   2.875% due 05/15/2032     2.819   PX1   113   $ 1,022.82  

52

  4.300% Global Notes due 2030   AT&T Inc.   $ 3,156     00206RES7 / 00206RGQ9 / U04644BC0   November 15,
2029
  February 15, 2030   2.875% due 05/15/2032     2.819   PX1   120   $ 1,017.96  

 

Page 4


53

  4.250% Global Notes due 2027   AT&T Inc.   $ 1,490     00206RDQ2   December 1,
2026
  March 1, 2027   2.750% due 04/30/2027     2.827   PX1   70   $ 1,029.92  

54

  4.100% Global Notes due 2028   AT&T Inc.   $ 1,732     00206RGL0 / 00206RER9 / U04644BB2   November 15,
2027
  February 15, 2028   2.750% due 04/30/2027     2.827   PX1   95   $ 1,015.82  

 

(1)

Subject to the satisfaction or waiver of the conditions of the Offers described in the applicable Offer to Purchase, if the Maximum Purchase Condition (as defined therein) is not satisfied with respect to every series of Notes, we will accept Notes for purchase in the order of their respective Acceptance Priority Level specified in the table above (each, an “Acceptance Priority Level,” with 1 being the highest Acceptance Priority Level and 54 being the lowest Acceptance Priority Level). It is possible that a series of Notes with a particular Acceptance Priority Level will not be accepted for purchase even if one or more series with a higher or lower Acceptance Priority Level are accepted for purchase.

(2)

For each series of Notes in respect of which a par call date is indicated, the calculation of the applicable Total Consideration (as defined in the applicable Offer to Purchase) will be performed taking into account such par call date. See Annex A-1 to the applicable Offer to Purchase for an overview of the calculation of the Total Consideration (including the par call detail) with respect to the Notes.

(3)

Per $1,000 principal amount of Notes validly tendered, and not validly withdrawn, and accepted for purchase, at or prior to the expiration date for the tender offers; excludes the accrued coupon payment (as set forth in the applicable Offer to Purchase) and assumes a settlement date of May 26, 2022 for such series of notes.

(4)

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

(5)

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

(6)

Pacific Bell Telephone Company was formerly known as Pacific Bell.

(7)

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

(8)

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

(9)

BellSouth Telecommunications, LLC converted from BellSouth Telecommunications, Inc.

(10)

AT&T Inc. was formerly known as SBC Communications Inc.

(11)

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.

The Higher Coupon Offers are scheduled to expire on the “Higher Coupon Expiration Date,” which is 5:00 p.m., New York City time, today, May 20, 2022, unless extended or earlier terminated. Holders of Notes described in the table above may withdraw their validly tendered Notes any time at or prior to 5:00 p.m., New York City time, today, May 20, 2022, unless extended by AT&T. In order to receive the Higher Coupon Total Consideration, Holders of Notes must tender and not withdraw their Notes, or submit a Notice of Guaranteed Delivery and comply with the related procedures, at or prior to the Higher Coupon Expiration Date.

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

The “Higher Coupon Settlement Date” will be the fourth business day after the Higher Coupon Expiration Date and is expected to be May 26, 2022.

Upon the terms and subject to the conditions set forth in the applicable Offer to Purchase, Holders whose Notes are accepted for purchase in the Higher Coupon Offers will receive the Total Consideration described in the Notes to the table immediately above (the “Higher

 

Page 5


Coupon Total Consideration”) for each $1,000 principal amount of such Notes in cash on the Higher Coupon 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 Higher Coupon Settlement Date. Interest will cease to accrue on the Higher Coupon Settlement Date for all Notes accepted in the Higher Coupon Offers.

DISCOUNT OFFERS

The table below sets forth the applicable Reference Yields and Total Consideration for each series of the Notes listed below, as calculated at 11:00 a.m., New York City time, today, May 20, 2022, in accordance with the Offer to Purchase for the Discount Offers.

 

Acceptance
Priority
Level(1)

 

Title of Notes

 

Issuer

  Principal Amount
Outstanding
(in millions)
    CUSIP
Number
 

Par Call Date(2)

 

Maturity Date

 

Reference U.S.
Treasury
Security(3)

  Reference
Yield
    Bloomberg
Reference
Page(3)
  Fixed Spread
(Basis
Points)
  Total
Consideration(3)
 

1

  3.500% Global Notes due 2061   AT&T Inc.   $ 1,500     00206RKF8   August 1, 2060   February 1, 2061   2.250% due 02/15/2052     3.046   PX1   177   $ 770.06  

2

  3.300% Global Notes due 2052   AT&T Inc.   $ 2,250     00206RKE1   August 1, 2051   February 1, 2052   2.250% due 02/15/2052     3.046   PX1   165   $ 777.64  

3

  3.100% Global Notes due 2043   AT&T Inc.   $ 2,500     00206RKD3   August 1, 2042   February 1, 2043   2.375% due 02/15/2042     3.225   PX1   145   $ 792.61  

4

  3.850% Global Notes due 2060   AT&T Inc.   $ 1,500     00206RKB7   December 1, 2059   June 1, 2060   2.250% due 02/15/2052     3.046   PX1   182   $ 824.77  

5

  3.650% Global Notes due 2051   AT&T Inc.   $ 3,000     00206RKA9   December 1, 2050   June 1, 2051   2.250% due 02/15/2052     3.046   PX1   165   $ 835.18  

6

  3.500% Global Notes due 2041   AT&T Inc.   $ 2,500     00206RJZ6   December 1, 2040   June 1, 2041   2.375% due 02/15/2042     3.225   PX1   150   $ 847.42  

7

  2.250% Global Notes due 2032   AT&T Inc.   $ 2,500     00206RKH4   November 1, 2031   February 1, 2032   2.875% due 05/15/2032     2.819   PX1   130   $ 852.00  

8

  1.650% Global Notes due 2028   AT&T Inc.   $ 2,250     00206RKG6   December 1, 2027   February 1, 2028   2.750% due 04/30/2027     2.827   PX1   105   $ 887.41  

9

  2.300% Global Notes due 2027   AT&T Inc.   $ 2,500     00206RJX1   April 1, 2027   June 1, 2027   2.750% due 04/30/2027     2.827   PX1   95   $ 933.10  

 

(1)

Subject to the satisfaction or waiver of the conditions of the Offers described in the applicable Offer to Purchase, if the Maximum Purchase Condition (as defined therein) is not satisfied with respect to every series of Notes, we will accept Notes for purchase in the order of their respective Acceptance Priority Level specified in the table above (each, an “Acceptance Priority Level,” with 1 being the highest Acceptance Priority Level and 9 being the lowest Acceptance Priority Level). It is possible that a series of Notes with a particular Acceptance Priority Level will not be accepted for purchase even if one or more series with a higher or lower Acceptance Priority Level are accepted for purchase.

(2)

For each series of Notes in respect of which a par call date is indicated, the calculation of the applicable Total Consideration (as defined in the applicable Offer to Purchase) will be performed taking into account such par call date. See Annex A-1 to the applicable Offer to Purchase for an overview of the calculation of the Total Consideration (including the par call detail) with respect to the Notes.

(3)

Per $1,000 principal amount of Notes validly tendered, and not validly withdrawn, and accepted for purchase, at or prior to the expiration date for the tender offers; excludes the accrued coupon payment (as set forth in the applicable Offer to Purchase) and assumes a settlement date of May 26, 2022 for such series of Notes.

The Discount Offers are scheduled to expire on the “Discount Expiration Date,” which is 5:00 p.m., New York City time, today, May 20, 2022, unless extended or earlier terminated. Holders of Notes described in the table above may withdraw their validly tendered Notes any time at or prior to 5:00 p.m., New York City time, today, May 20, 2022, unless extended by AT&T. In order to receive the Discount Total Consideration, Holders of Notes must tender and not withdraw their Notes, or submit a Notice of Guaranteed Delivery and comply with the related procedures, at or prior to the Discount Expiration Date.

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

 

Page 6


The “Discount Settlement Date” will be the fourth business day after the Discount Expiration Date and is expected to be May 26, 2022.

Upon the terms and subject to the conditions set forth in the applicable Offer to Purchase, Holders whose Notes are accepted for purchase in the Discount Offers will receive the Total Consideration described in the Notes to the table immediately above (the “Discount Total Consideration”) for each $1,000 principal amount of such Notes in cash on the Discount Settlement Date. In addition to the Discount 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 Discount Settlement Date. Interest will cease to accrue on the Discount Settlement Date for all Notes accepted in the Discount Offers.

TERMS OF THE TENDER OFFERS

AT&T’s obligation to accept for payment and to pay for Notes of any series validly tendered in the tender offers is subject to the satisfaction or waiver of the conditions described in the applicable Offer to Purchase, including that the aggregate Total Consideration for Notes purchased in the Higher Coupon Offer and in the Discount Offer not exceed $5,000,000,000 and $3,000,000,000, respectively, and on the applicable Maximum Purchase Consideration being sufficient to pay the Total Consideration for all validly tendered Notes of such series. As a result, no series will be subject to pro-ration in the amount accepted. AT&T reserves the right, subject to applicable law, to: (i) waive any and all conditions to the tender offers; (ii) extend or terminate any or all of the tender offers; (iii) increase the Maximum Purchase Consideration of either the Higher Coupon Offers or the Discount Offers or both; or (iv) otherwise amend the tender offers in any respect.

Holders are advised to check with any bank, securities broker or other intermediary through which they hold any of the Notes listed above as to when such intermediary needs to receive instructions from a holder in order for that holder to be able to participate in, or, where revocation is permitted, timely revoke their instruction to participate in the tender offers. The deadlines set by each clearing system for the submission and withdrawal of tender instructions will also be earlier than the relevant deadlines specified herein and in the applicable Offer to Purchase and the related Notice of Guaranteed Delivery, as applicable.

 

Page 7


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 are being made solely by the applicable Offer to Purchase, the Letter of Transmittal and the 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.

 

Page 8

Exhibit 99.2

 

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News Release

For more information, contact:

Name: McCall Butler

AT&T Corporate Communications

Phone: 404-626-5652

Email: [email protected]

For holders of Notes, contact:

Global Bondholder Services Corporation

Phone: (855) 654-2014 (toll free)

  (212) 430-3774 (collect)

AT&T INC. ANNOUNCES EXPIRATION AND UPSIZING OF ITS TENDER OFFERS FOR 63 SERIES OF NOTES

DALLAS, May 23, 2022 — 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’


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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        —    


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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  


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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  


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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.


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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.


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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


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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.


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###

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.



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