WarnerMedia Parent AT&T Takes Out $5.5B Loan, Assures Wall Street It’s Financially Solid Amid Coronavirus Pandemic

deadline.com:

By Jill Goldsmith WarnerMedia parent A&T said Tuesday it’s set up a new $5.5 billion loan agreement at competitive rates with 12 banks to provide additional financial flexibility to its “already strong cash position.” The loans are pre-payable without penalty, it said as it seeks to reassure the markets and employees that it’s on solid ground in uncertain times.

AT&T also noted that it has access to a fully committed $15 billion revolver loan already in place that it has no need or plans to draw on in 2020 – but it’s there in case.

AT&T is the  latest big media company to flesh out its cash cushion to hedge against the economic risks and unknowns of the coronavirus pandemic.