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Share Name | Share Symbol | Market | Type |
---|---|---|---|
AT&T Inc | NYSE:T | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.01 | -0.06% | 16.81 | 16.92 | 16.73 | 16.81 | 23,989,537 | 00:53:19 |
By Chelsey Dulaney
AT&T Inc. said Thursday that it has entered into two credit pacts worth a total of more than $11 billion as the company beefs up its balance sheet to fund its bids for U.S. wireless spectrum.
A $9.2 billion pact includes one $6.29 billion term loan facility and one $2.87 billion term loan facility, according to regulatory documents. AT&T has also entered into a $2 billion 18-month credit agreement with Mizuho Bank Ltd.
Wireless providers are expecting to spend billions of dollars in coming years in government-run wireless spectrum auctions as they seek to bulk up their networks.
Companies have been lining up extra cash for the most recent spectrum auction, which turned unexpectedly hot in November as carriers aggressively bid to line up the airwaves they'll need to cover booming demand for wireless Internet as Americans watch more videos, stream more music and spend more time surfing the Web on their phones and tablets.
In November, AT&T offered EUR3.8 billion of bonds earmarked for general corporate purposes.
AT&T and Verizon Communications Inc., the two largest U.S. wireless providers, may face limits to how much spectrum they are allowed to purchase, as government regulators try to keep smaller providers T-Mobile US Inc. and Sprint Corp. competitive against their larger rivals.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
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