Business Services Industry
SBC establishes $12 billion line of credit to help fund AT&T Wireless purchase.
Knight Ridder/Tribune Business News, October, 2004
By Vikas Bajaj, The Dallas Morning News Knight Ridder/Tribune Business News
Oct. 14--SBC Communications Inc. set up a $12 billion credit line Wednesday to prepare its finances for Cingular Wireless' purchase of AT&T Wireless Services Inc.
The Federal Communications Commission has been voting on the deal and is expected to approve it with certain conditions.
The credit line is one of several financing arrangements SBC has lined up to help pay its portion of the $40.7 billion price for AT&T Wireless. SBC owns 60 percent of Cingular. BellSouth Corp. owns the rest.
The credit line, which is being put up by several banks, is contingent on regulatory approval for the deal, according to a securities filing.
SBC has said it...
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