---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-262515"
form_type: "8-K"
ticker: "T"
cik: "0000732717"
company_name: "AT&T INC."
filed_at: "2025-11-03T23:59:59+00:00"
generated_at: "2026-05-17T00:59:46.805468+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# AT&T enters $12B revolver and $17.5B term loan; funds may finance spectrum

## Summary
- New $12B revolver due Nov 2030, replaces 2022 facility; margin at 0.92% based on current BBB/Baa2/BBB+ ratings.
- $17.5B delayed draw term loan includes $6B 364-day and $11.5B two-year tranches; draw available until Nov 2026.
- Proceeds for general corporate purposes, including potential spectrum acquisitions.
- Net debt-to-EBITDA covenant set at 3.75x; applies from Q1 2026.
- Facility fees on revolver at 0.08% of commitments; commitment fee on term loan starts March 2026.

## SEC filing metadata
- accession: 0001193125-25-262515
- form_type: 8-K
- ticker: T
- cik: 0000732717
- company_name: AT&T INC.
- filed_at: 2025-11-03T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/732717/000119312525262515/0001193125-25-262515-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/732717/000119312525262515/d935272d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-262515
- JSON: https://secwatch.observer/filing/0001193125-25-262515.json
- Plain text: https://secwatch.observer/filing/0001193125-25-262515.txt

## Key facts
- Debt Financings
  AT&T INC. incurred term loan of $17.5 billion with Bank of America, N.A., as agent.
  - Instrument: term loan
  - Principal: $17.5 billion
  - Counterparty: Bank of America, N.A., as agent
  - Event: incurrence
  source text: (ii) a $17.5 billion Delayed Draw Term Loan Credit Agreement (the "Term Loan"), with Bank of America, N.A., as agent.
  evidence_url: https://www.sec.gov/Archives/edgar/data/732717/000119312525262515/0001193125-25-262515-index.htm
- Debt Financings
  AT&T INC. incurred credit facility of $12.0 billion with Citibank, N.A., as agent at Term SOFR plus Applicable Margin for Benchmark Rate Advances maturing November 3, 2030.
  - Instrument: credit facility
  - Principal: $12.0 billion
  - Counterparty: Citibank, N.A., as agent
  - Rate: Term SOFR plus Applicable Margin for Benchmark Rate Advances
  - Maturity: November 3, 2030
  - Event: incurrence
  source text: On November 3, 2025, AT&T Inc. (the "Company") entered into (i) a $12.0 billion Second Amended and Restated Credit Agreement (the "Revolving Credit Agreement"), with Citibank, N.A., as agent, amending and restating the Company's existing $12.0 billion Amended and Restated Credit Agreement, dated as of November 17, 2022
  evidence_url: https://www.sec.gov/Archives/edgar/data/732717/000119312525262515/0001193125-25-262515-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.