AT&T INC. (T): debt financing — AT&T enters amended $12B revolving credit facility, replacing $7.5B prior facility

AT&T INC.

New $12.0B five-year revolving credit agreement signed Nov 18, 2022; matures Nov 18, 2027, with two 1-year extension options.
Replaces prior $7.5B credit agreement (dated 2018) which was terminated; proceeds for general corporate purposes.
Pricing based on public debt ratings: initial SOFR margin 1.045% (BBB+/Baa1/BBB+), facility fee 0.080%.
Financial covenant requires net debt-to-EBITDA ratio ≤ 3.75x, tested quarterly; includes cross-acceleration trigger at $1B.
Company may request increase of commitments up to $14B aggregate; existing ratings unchanged.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

AT&T INC. incurred revolving credit of $12.0 billion with Citibank, N.A. at Term SOFR plus 0.10% credit spread adjustment plus applicable margin maturing November 18, 2027.

Instrument: revolving credit
Principal: $12.0 billion
Counterparty: Citibank, N.A.
Rate: Term SOFR plus 0.10% credit spread adjustment plus applicable margin
Maturity: November 18, 2027
Event: incurrence

Exact text from the filing

On November 18, 2022, AT&T Inc. (the “Company”) entered into a $12.0 billion Amended and Restated Credit Agreement (the “Revolving Credit Agreement”), with Citibank, N.A., as agent, amending and restating the Company’s existing $7.5 billion Amended and Restated Credit Agreement, dated as of November 17, 2020.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

AT&T INC. amended Amended and Restated Credit Agreement with Citibank, N.A., as agent valued at $12.0 billion (effective 2022-11-18).

Action: amendment
Agreement: credit facility
Counterparty: Citibank, N.A., as agent
Value: $12.0 billion
Effective: 2022-11-18

Exact text from the filing

On November 18, 2022, AT&T Inc. (the “Company”) entered into a $12.0 billion Amended and Restated Credit Agreement (the “Revolving Credit Agreement”), with Citibank, N.A., as agent, amending and restating the Company’s existing $7.5 billion Amended and Restated Credit Agreement, dated as of November 17, 2020.

View on SEC.gov

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AT&T INC. filing history →

Source: SEC EDGAR

accession 0001193125-22-288947

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