AT&T Inc. (NYSE:T) aims to raise as much as US$653mln in an initial public offering of its Vrio unit after the telecommunications giant said the pricing range of the shares were set.
Vrio, which is the holding company of AT&T’s DirecTV Latin American business, is offering 29,684,000 shares in the IPO and the stock is expected to be priced between US$19 and US$22, AT&T said today in a statement.
Proceeds to be used towards debt repayment
The proceeds from the initial share sale will be used to repay debt owed to the parent company, AT&T said. Goldman Sachs, JP Morgan, Citigroup and Morgan Stanley are the joint book-running managers for the stock sale.
AT&T shares were little changed at US$32.00 at 11:25 am.