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AT&T to Seek Larger $5 Billion Term Loan From Banks

  • Company first discussed $3 billion loan as funding costs rose
  • Many investment-grade firms are now seeking more liquidity
Photographer: Andrew Harrer/Bloomberg

AT&T Inc. is in discussions with banks for a new $5 billion term loan as it seeks alternative short-term financing options following a spike in commercial-paper costs, according to people familiar with the matter.

The talks are still in flux and details may change, said the people, who asked not to be named because the discussions are private. The phone and media giant, which has the highest debt load of any non-financial company in the U.S., was initially discussing a $3 billion loan last week.