AT&T redeeming $550M worth of debt

|About: AT&T Inc. (T)|By:, SA News Editor

AT&T (T) will pay $556M to redeem 6.625% notes due Oct. 2034 - $550M for the principal, and $6M for the call premium. (8-K)

AT&T had $76.2B in debt on its balance sheet as of June 30, and $8.4B in cash/investments. The telco has recently slowed down its buyback activity, but still managed to spend $3.3B to repurchase shares in Q2. That spending consumed much of AT&T's quarterly free cash flow of $4B.