AT&T Inc. Announces the Reference UST Security Yield for Its Exchange Offers and Pricing Terms with Respect to Pool 3 Offer

Business Wire

Thursday, November 29th 2012

AT&T Inc. (NYSE: T) and (“AT&T”) today announced (i) the reference UST security yield for its private offer to exchange (the “Pool 1 Offer”) the three series of notes described in the table below (the “Pool 1 Notes”) for a new series of AT&T’s senior notes to be due in 2042 (the “New 2042 Notes”) and cash:


Title of Security	Issuer	Consideration Exchanged For
7.12% Debentures due 2097	BellSouth Corporation⁽¹⁾	New 2042 Notes and cash
7.0% Notes due 2095	BellSouth Telecommunications, LLC⁽²⁾	New 2042 Notes and cash
6.65% Zero-to-Full Debentures due 2095	BellSouth Telecommunications, LLC⁽²⁾	New 2042 Notes and cash

(1) The 7.12% Debentures due 2097 were originally issued by BellSouth Capital Funding Corporation, which subsequently merged with and into BellSouth Corporation.
(2) BellSouth Telecommunications, LLC was formerly known as BellSouth Telecommunications, Inc.

(ii) the reference UST security yield for its private offer to exchange (the “Pool 2 Offer”) the four series of notes described in the table below (the “Pool 2 Notes”) for a new series of AT&T’s senior notes to be due in 2045 (the “New 2045 Notes” and, together with the New 2042 Notes, the “New Notes”) and cash: