By Todd Spangler NY Digital Editor AT&T announced a $5.5 billion loan deal with 12 banks, telling investors in a business update that it has “a strong cash position, including a strong balance sheet and attractive liquidity” amid the economic disruption caused by the coronavirus pandemic.
On March 20, AT&T canceled a $4 billion stock buyback it had planned for the second quarter and halted all share repurchases, seeking to preserve cash.
The telco, which owns WarnerMedia and DirecTV, also warned that the fallout from COVID-19 “could be material” to its financial results.
The new $5.5 billion term-loan agreement, with Bank of America acting as lead agent, will “provide additional financial flexibility to an already strong cash position,”
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