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 liquidit…
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 strength and relevance of our core subscription businesses, our continued execution on our business transformation initiatives, and sizing our operations to economic activity will provide cash from operations that will support network investments, dividend payments and debt retirement, as well as the ability to invest in business opportunities that arise as the economies recover,” AT&T said Tuesday.
In the update to investors, the telco noted that it had about $12 billion in cash on hand as of Dec. 31, 2019. The company also has the ability to tap into a “fully committed” $15 billion revolving credit facility but added that it “has no need or plans to use it in 2020.”
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