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AT&T Sells 2 Billion Euros of Bonds to Fund Tender Offer in U.S.

Nov. 5 (Bloomberg) -- AT&T Inc. sold 2 billion euros ($2.7 billion) of bonds to help fund tender offers for as much as $6 billion of dollar-denominated notes.

The largest U.S. phone company issued 1 billion euros each of 2.65 percent securities due in December 2021 that pay 95 basis points more than the mid-swap rate and 3.5 percent, 12-year notes yielding 130 more than benchmarks, according to data compiled by Bloomberg. The securities are expected to be rated A3 by Moody’s Investors Service.

AT&T is seeking to redeem notes including $896 million of 8.75 percent securities due in 2031 and linked to its New Cingular Wireless unit, according to a statement. That’s one of 24 debt securities that make up the tender offers.

AT&T sold 1.25 billion euros of 2.5 percent bonds in March that mature in 10 years, Bloomberg data show. Those notes, ranked A3 by Moody’s and an equivalent A- at Standard & Poor’s, traded at 97.69 cents on the dollar yesterday to yield 2.78 percent.

To contact the reporter on this story: Charles Mead in New York at cmead11@bloomberg.net

To contact the editor responsible for this story: Alan Goldstein at agoldstein5@bloomberg.net

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