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AT&T prices sale of Cablevision NY stock

AT&T said Thursday that it has priced the sale of Cablevision NY Group class "A" common stock at $36.05 a share, an offer the telecom company says will generate about $1.3 billion before taxes. AT&T said it would use the proceeds to reduce its debt. The company will sell 19.2 million shares of Cablevision NY stock, and, through a trust, will sell 23.4 million shares of a "mandatorily exchangeable trust security," which can be converted into up to 23.4 million shares of Cablevision stock in three years. If the underwriters of the deal exercise their over-allotment options in full, AT&T said it would sell an additional 2.9 million shares and 3.5 million shares of the exchangeable securities through the trust, which would generate $200 million in cash. The company expects the deal to close by Oct. 23. Cablevision NY provides cable TV and Internet access to 3 million subscribers in the New York City area.

    AT&T said Thursday that it has priced the sale of Cablevision NY Group class "A" common stock at $36.05 a share, an offer the telecom company says will generate about $1.3 billion before taxes. AT&T said it would use the proceeds to reduce its debt. The company will sell 19.2 million shares of Cablevision NY stock, and, through a trust, will sell 23.4 million shares of a "mandatorily exchangeable trust security," which can be converted into up to 23.4 million shares of Cablevision stock in three years.

    If the underwriters of the deal exercise their over-allotment options in full, AT&T said it would sell an additional 2.9 million shares and 3.5 million shares of the exchangeable securities through the trust, which would generate $200 million in cash. The company expects the deal to close by Oct. 23. Cablevision NY provides cable TV and Internet access to 3 million subscribers in the New York City area.