AT&T proposes Series A preferred offering

AT&T (NYSE:T) has proposed a public offering of depositary shares tied to its perpetual preferred stock Series A.

Each proposed depositary share would represent one-thousandth interest in a share of the perpetual preferred, which has a $25,000 liquidation preference per share.

That amounts to a $25 equivalent per depositary share.

Joint book-runners are Morgan Stanley, Wells Fargo Securities, BofA Securities, RBC Capital Markets, J.P. Morgan Securities and UBS Securities.