AT&T sells $4.25B fiber asset interests, repurchases $5.4B preferred interests

AT&T INC.

Sold Class A-2 limited membership interests in AT&T Fiber Investment for $4.25B via private placement to MUFG, Mizuho, Sumitomo Mitsui, Commerzbank.
Interests bear cumulative quarterly distributions at 6.85% per annum, reset every 7 years starting Nov 2027; optional redemption after Sept 2027.
Proceeds used to repurchase 212.7M Series A perpetual preferred interests in AT&T Mobility II for ~$5.4B under put option agreement with JPMorgan.
Transaction expands prior 2020 $2B sale of Class A-1 interests; net effect reduces preferred equity via fiber asset securitization.
AT&T expects no impact on fiber asset operations; Class A interests have mandatory remarketing provisions and liquidation triggers.

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