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.