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AT&T Sells First Floating Debt Since ’08 in $2.25 Billion Issue

AT&T Inc. sold $2.25 billion of three-year debt in a two-part offering that included its first floating-rate note in almost five years.

The biggest U.S. phone company issued $1 billion of 0.9 percent debt that yields 55 basis points more than similar-maturity Treasuries and $1.25 billion of notes that pay 38.5 basis points more than the London interbank offered rate, according to data compiled by Bloomberg.

The sale of so-called floaters is AT&T’s first since March 2008, when it issued $2 billion of two-year securities paying 45 basis points more than Libor, and follows an International Business Machines Corp. offering this week of notes that paid less than the benchmark interest rate.

Libor, the rate at which banks say they can borrow in dollars from each other, acts as a benchmark for about $360 trillion of financial instruments worldwide.

AT&T’s $1.75 billion of 2.95 percent notes due May 2016 traded at 106 cents on the dollar on Feb. 5, yielding 1.08 percent, or 69.4 basis points more than Treasuries, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority.

The securities are expected to be rated A3 by Moody’s Investors Service, Bloomberg data show.

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