WarnerMedia parent AT&T is raising €3 billion (about $3.28 billion) in a note sale and will use the cash for general corporate purposes, which may include debt repayments. It announced the sale…
is raising €3 billion in a note sale and will use the cash for general corporate purposes, which may include debt repayments.
It announced the sale of three tranches of notes for €1.75 billion, €750 million and €500 million, respectively, in an SEC filing. AT&T and other media and entertainment companies have been raising cash amidst an uncertain business climate. In April, the company announced it had set up a new $5.5 billion loan agreement at competitive rates with 12 banks to provide it with additional financial flexibility. The loans are pre-payable without penalty, it said, as it seeks to reassure the markets and employees it’s on solid ground in uncertain COVID-19 times.
AT&T took on significant debt with its acquisition of Time Warner for $85 billion in 2018 and has been trying to pare it down. The coronavirus pandemic has posed a challenge for highly leveraged companies. Debt topped $150 billion at the end of 2019. AT&T’s latest quarterly earnings on April 22 showed a jump in wireless subscribers but a hit at WarnerMedia, squeezed by zero theatrical revenue and a dip in advertising driven in part by a lack of live sports. It’s biggest bet, streaming service
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