AT&T & Comcast complete debt transfer offer
As part of Comcast’s acquisition of AT&T’s broadband unit, the companies announced today that they have completed an exchange and consent offer that transfers debt from AT&T to Comcast.
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About $8.5 billion of AT&T debt was tendered by note holders, with approximately $8.2 billion accepted for exchange. Of that, $3.5 billion will be exchanged for notes that, upon completion of the AT&T/Comcast transaction, will become unconditionally guaranteed by the newly formed AT&T Comcast. The remaining $4.7 billion of AT&T notes will be exchanged for notes that will remain the obligation of AT&T.
With about 90% of the eligible notes tendered, the offer cleared the 2/3-acceptance rate that was required to close the merger.--Toby Weber, staff writer
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© 2012 Penton Media Inc.
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