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ATT/Discovery Book Over $90B

PIPELINE
Headlines report Magallanes/ATT order-book size in excess of $90B so far, estimated size of the 11Pt mega-deal was at $30B earlier
  • Date $MM Issuer (Priced *, Launch #)
  • 03/09 $500M #Public Service Electric & Gas 10Y +120
  • 03/09 $Benchmark Magallanes, Inc* 11Pt Jumbo: 2Y +190a, 2Y NC1 +200a, 2Y FRN/SOFR, 3Y +195a, 3Y NC1 +210a, 5Y +210a, 7Y +235a, 10Y +250a, 20Y +285a, 30Y +300a, 40Y +325a
    • * Magallanes, Inc related to ATT/Discovery deal main focus in corporate spheres today. In early February, ATT announced early they would spin off WarnerMedia in a $43 billion transaction to merge media properties with Discovery. Today's 11-part mega-deal: Magallanes, Inc (aka Spinco -- wholly owned T sub under a registration statement filed last Nov) will converts automatically after the divestiture to WarnerMedia Business.

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