# EDGAR Filing Document

**Accession Number:** 0000732717
**File Stem:** 0001193125-25-198872
**Filing Date:** 2025-9
**Character Count:** 9092
**Document Hash:** 620d89fdec168ce1dc8ae1756133cf07
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-198872.hdr.sgml**: 20250909

**ACCESSION NUMBER**: 0001193125-25-198872

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250909

**DATE AS OF CHANGE**: 20250909

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AT&T INC.
- **CENTRAL INDEX KEY:** 0000732717
- **STANDARD INDUSTRIAL CLASSIFICATION:** TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 431301883
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-285413
- **FILM NUMBER:** 251301829

**BUSINESS ADDRESS:**
- **STREET 1:** 208 S. AKARD ST
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75202
- **BUSINESS PHONE:** 2108214105

**MAIL ADDRESS:**
- **STREET 1:** 208 S. AKARD ST
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SBC COMMUNICATIONS INC
- **DATE OF NAME CHANGE:** 19950501

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SOUTHWESTERN BELL CORP
- **DATE OF NAME CHANGE:** 19920703
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AT&T INC.
- **CENTRAL INDEX KEY:** 0000732717
- **STANDARD INDUSTRIAL CLASSIFICATION:** TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 431301883
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP

**BUSINESS ADDRESS:**
- **STREET 1:** 208 S. AKARD ST
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75202
- **BUSINESS PHONE:** 2108214105

**MAIL ADDRESS:**
- **STREET 1:** 208 S. AKARD ST
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SBC COMMUNICATIONS INC
- **DATE OF NAME CHANGE:** 19950501

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SOUTHWESTERN BELL CORP
- **DATE OF NAME CHANGE:** 19920703

**Filed Pursuant to Rule 433** 

**Registration No. 333-285413** 

Final Term Sheet

September 9, 2025

€2,250,000,000

<u>AT&T Inc.</u> 

€2,250,000,000 FLOATING RATE GLOBAL NOTES DUE 2027

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| | |
|:---|:---|
| ISSUER: | AT&T Inc. |
| TITLE OF SECURITIES: | €2,250,000,000 aggregate principal amount of Floating Rate Global Notes due 2027 (the "<u>Notes</u>"). |
| TRADE DATE: | September 9, 2025 |
| SETTLEMENT DATE (T+5\*): | September 16, 2025 |
| MATURITY DATE: | September 16, 2027, at par. |
| AGGREGATE PRINCIPAL AMOUNT OFFERED: | €2,250,000,000 |
| PRICE TO PUBLIC (ISSUE PRICE): | 100.000% |
| GROSS SPREAD | 0.150% |
| PRICE TO AT&T: | 99.850% |
| NET PROCEEDS: | €2,246,625,000 |
| USE OF PROCEEDS: | AT&T intends to use the proceeds for general corporate purposes, which may include debt repayments and pending acquisitions. |
| UNDERWRITERS' REIMBURSEMENT OF AT&T'S EXPENSES: | Underwriters to reimburse $775,000 of AT&T's expenses. |
| INTEREST RATE: | Applicable EURIBOR Rate (based on the three-month EURIBOR) plus 40 basis points. The interest rate on the Notes will in no event be lower than zero. |

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| | |
|:---|:---|
| INTEREST PAYMENT DATE: | Quarterly on each March 16, June 16, September 16 and December 16 of each year, commencing on December 16, 2025; provided however, that if any such interest payment date would fall on a day that is not a EURIBOR business day (as defined herein), other than the interest payment date that is also the date of maturity, that interest payment date will be postponed to the next succeeding EURIBOR business day, unless the next succeeding EURIBOR business day is in the next succeeding calendar month, in which case such interest payment date shall be the immediately preceding EURIBOR business day; and provided further, that if the date of maturity is not a EURIBOR business day, payment of principal and interest will be made on the next succeeding business day and no interest will accrue for the period from and after such date of maturity. |
| DENOMINATIONS: | Minimum of €100,000 and integral multiples of €1,000 in excess thereof. |
| INDENTURE AND RANKING | The Notes will be issued under an indenture, dated as of May 15, 2013, between AT&T and The Bank of New York Mellon Trust Company, N.A., as trustee. The Notes will be AT&T's unsecured and unsubordinated obligations and will rank *pari passu* with all other indebtedness issued under the indenture. |
| OPTIONAL REDEMPTION BY AT&T: | Except in connection with certain tax events, the Notes are not redeemable at AT&T's option. |
| TAX GROSS UP: | Comparable to prior AT&T transactions. |
| TAX CALL: | Comparable to prior AT&T transactions. |
| ISIN: | XS3181534937 |
| CUSIP: | 00206R NA6 |
| COMMON CODE: | 318153493 |
| LISTING: | AT&T intends to apply to list the Notes on the New York Stock Exchange. |
| FORM/CLEARING SYSTEMS: | The Notes will be issued only in registered, book-entry form. There will be a Global Note deposited with a common depositary for Euroclear Bank SA/NV and Clearstream Banking S.A. for each issue. |
| STABILIZATION: | FCA/ICMA |
| DAY COUNT FRACTION: | ACTUAL/360, modified following, adjusted |

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| | |
|:---|:---|
| ISSUER RATINGS: | Moody's: Baa2 (Stable)<br> S&P: BBB (Stable)<br> Fitch: BBB+ (Rating Watch Negative) |
| JOINT BOOKRUNNERS: | Deutsche Bank AG, London Branch<br> Société Générale |
| REFERENCE DOCUMENT: | Prospectus Supplement, dated September 9, 2025; and<br> Prospectus, dated February 28, 2025 |

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\* Under Rule 15c6-1 of the Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle in one business day, unless the parties to the trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Notes prior to the business day before the settlement date will be required, by virtue of the fact that the Notes initially will settle in T+5, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement and should consult their own advisors.

THE ISSUER HAS FILED A REGISTRATION STATEMENT (INCLUDING A PROSPECTUS) WITH THE SEC FOR THE OFFERING TO WHICH THIS COMMUNICATION RELATES. BEFORE YOU INVEST, YOU SHOULD READ THE PROSPECTUS IN THAT REGISTRATION STATEMENT AND OTHER DOCUMENTS THE ISSUER HAS FILED WITH THE SEC FOR MORE COMPLETE INFORMATION ABOUT THE ISSUER AND THIS OFFERING. YOU MAY GET THESE DOCUMENTS FOR FREE BY VISITING EDGAR ON THE SEC WEB SITE AT WWW.SEC.GOV. ALTERNATIVELY, THE ISSUER, ANY UNDERWRITER OR ANY DEALER PARTICIPATING IN THE OFFERING WILL ARRANGE TO SEND YOU THE PROSPECTUS IF YOU REQUEST IT BY CALLING DEUTSCHE BANK AG, LONDON BRANCH AT 1-800-503-4611 OR SOCIÉTÉ GÉNÉRALE AT 1-855-881-2108.

**MiFID II and UK MiFIR - professionals/ECPs-only / No PRIIPs or UK PRIIPs KID** – Manufacturer target market (MIFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA or UK.

This term sheet, the prospectus, the prospectus supplement and any other document or materials relating to the issue of the Notes offered hereby is not being made, and such documents and/or materials have not been approved, by an authorized person for the purposes of section 21 of the United Kingdom's Financial Services and Markets Act 2000, as amended (the "FSMA"). Accordingly, such documents and/or materials are not being distributed to, and must not be passed on to, the general public in the United Kingdom. This document and such other documents and/or materials are for distribution only to persons who (i) have professional experience in matters relating to investments and who fall within the definition of investment professionals (as defined in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Financial Promotion Order")), (ii) fall within Article 49(2)(a) to (d) of the Financial Promotion Order or (iii) are outside the United Kingdom (all such persons together being referred to as "relevant persons"). This document is

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directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this term sheet, the prospectus, the prospectus supplement and any other document or materials relates will be engaged in only with relevant persons. Any person in the United Kingdom that is not a relevant person should not act or rely on this term sheet, the prospectus or the prospectus supplement or any of their contents.

ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM. A SECURITIES RATING IS NOT A RECOMMENDATION TO BUY, SELL OR HOLD SECURITIES AND MAY BE REVISED OR WITHDRAWN AT ANY TIME.