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AT&T Issues $4 Billion of Debentures in a Three-Part Offering

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Dec. 6 (Bloomberg) -- AT&T Inc., the largest U.S. telephone company, issued $4 billion of bonds in a three-part offering.

The company sold $1 billion of 0.8 percent, three-year notes yielding 50 basis points more than similar-maturity Treasuries and equal $1.5 billion portions of 1.4 percent, five-year bonds paying 80 basis points more than benchmarks and 2.625 percent, 10-year debt with a spread of 105, according to data compiled by Bloomberg. The debt may be rated A2 by Moody’s Investors Service.

The Dallas-based company last sold new dollar-denominated debt of at least $500 million in June, issuing $1.15 billion of 1.7 percent notes due June 2017. Those securities traded at 102.2 cents on the dollar yesterday to yield 1.19 percent, or 58 basis points more than similar-maturity Treasuries, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority.

The most indebted U.S. telecommunications firm is increasing its capital expenditures to about $22 billion, its highest level ever, to add long-term evolution technology, a network that promises to offer connections three times as fast as the previous standard for devices such as Apple Inc.’s iPhone that use Web browsing and music downloads.

Bank of America Corp. and Goldman Sachs Group Inc. managed the sale, Bloomberg data show.

To contact the reporter on this story: Matt Robinson in New York at

To contact the editor responsible for this story: Alan Goldstein at

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