Issuer: | British Telecommunications plc | |
Security: | 5.15% Notes due January 15, 2013 | |
Further Issuance: | The notes are a further issuance of the $600,000,000 principal | |
| amount of the 5.15% Notes due January 15, 2013 that we issued on December 12, 2007 (the “December notes”). The notes offered hereby will form a single series with the December notes and will have the same terms other than the initial offering price. The notes will have the same CUSIP number and will trade interchangeably with the December notes immediately upon settlement. Upon completion of this offering, $850,000,000 aggregate principal amount of 5.15% Notes due January 15, 2013 will be outstanding. | ||
Size: | $250,000,000 | |
Maturity Date: | January 15, 2013 | |
Coupon: | 5.15% | |
Interest Payment Dates: | January 15 and July 15, commencing July 15, 2008 | |
Price to Public: | 98.438% plus accrued interest from December 12, 2007 | |
Aggregate Accrued Interest: | 105 days = $3,755,208.33 | |
Benchmark Treasury: | 2.750% due February 2013 | |
Benchmark Treasury Spot and Yield: | 101-313/4, 2.321% | |
Spread to Benchmark Treasury: | + 320 bps | |
Yield: | 5.521% | |
Optional Redemption: | Treasury Rate plus 0.30% | |
Trade Date: | March 19, 2008 | |
Expected Settlement Date: | March 27, 2008 (T+5) | |
Denominations: | $100,000 x $1,000 | |
CUSIP: | 11102A AB7 | |
ISIN: | US11102AAB70 | |
Anticipated Ratings: | Moody’s: Baa1 (stable outlook) | |
| S&P: BBB+ (stable outlook) | ||
| Fitch: BBB+ (stable outlook) | ||
U.S. Federal Income Taxation: | The notes should form part of a “qualified reopening” for U.S. federal income tax purposes and, therefore, should be treated as fungible with the December notes for U.S. federal income tax purposes. | |
| If (i) a portion of the initial purchase price of the notes is allocable to interest that has accrued prior to the issue date |
| (“pre-issuance accrued interest”), (ii) the first stated interest payment on the notes is to be made within one year of the issue date, and (iii) such payment will equal or exceed the amount of pre-issuance accrued interest, then U.S. holders may elect to exclude the pre-issuance accrued interest from the issue price of the notes. In that event, a portion of the first interest payment will be treated as a nontaxable return of the pre-issuance accrued interest and not as an amount payable on the notes. U.S. holders should consult their tax advisers concerning the U.S. federal income tax treatment of pre-issuance accrued interest. | ||
Joint Lead Managers and Joint Bookrunners (and Underwriting Commitment): | Barclays Capital Inc. (18.8%) | |
| Citigroup Global Markets Inc. (18.8%) | ||
| Deutsche Bank Securities Inc. (18.8%) | ||
| Greenwich Capital Markets, Inc. (18.8%) | ||
| HSBC Securities (USA) Inc. (18.8%) | ||
Co-Managers: | Lloyds TSB Bank plc (1.5%) | |
| Mitsubishi UFJ Securities International plc (1.5%) | ||
| Mizuho International plc (1.5%) | ||
| SG Americas Securities, LLC (1.5%) |
Issuer: | British Telecommunications plc | |
Security: | 5.95% Notes due January 15, 2018 | |
Further Issuance: | The notes are a further issuance of the $600,000,000 principal amount of the 5.95% Notes due January 15, 2018 that we issued on December 12, 2007 (the “December notes”). The notes offered hereby will form a single series with the December notes and will have the same terms other than the initial offering price. The notes will have the same CUSIP number and will trade interchangeably with the December notes immediately upon settlement. Upon completion of this offering, $1,100,000,000 aggregate principal amount of 5.95% Notes due January 15, 2018 will be outstanding. | |
Size: | $500,000,000 | |
Maturity Date: | January 15, 2018 | |
Coupon: | 5.95% | |
Interest Payment Dates: | January 15 and July 15, commencing July 15, 2008 | |
Price to Public: | 96.500% plus accrued interest from December 12, 2007 | |
Aggregate Accrued Interest: | 105 days = $8,677,083.33 | |
Benchmark Treasury: | 3.50% due February 2018 | |
Benchmark Treasury Spot and Yield: | 101-12+, 3.334% | |
Spread to Benchmark Treasury: | + 310 bps | |
Yield: | 6.434% | |
Optional Redemption: | Treasury Rate plus 0.30% | |
Trade Date: | March 19, 2008 | |
Expected Settlement Date: | March 27, 2008 (T+5) | |
Denominations: | $100,000 x $1,000 | |
CUSIP: | 11102A AA9 | |
ISIN: | US11102AAA97 | |
Anticipated Ratings: | Moody’s: Baa1 (stable outlook) | |
| S&P: BBB+ (stable outlook) | ||
| Fitch: BBB+ (stable outlook) | ||
U.S. Federal Income Taxation: | The notes should form part of a “qualified reopening” for U.S. federal income tax purposes and, therefore, should be treated as fungible with the December notes for U.S. federal income tax purposes. | |
| If (i) a portion of the initial purchase price of the notes is |
| allocable to interest that has accrued prior to the issue date (“pre-issuance accrued interest”), (ii) the first stated interest payment on the notes is to be made within one year of the issue date, and (iii) such payment will equal or exceed the amount of pre-issuance accrued interest, then U.S. holders may elect to exclude the pre-issuance accrued interest from the issue price of the notes. In that event, a portion of the first interest payment will be treated as a nontaxable return of the pre-issuance accrued interest and not as an amount payable on the notes. U.S. holders should consult their tax advisers concerning the U.S. federal income tax treatment of pre-issuance accrued interest. | ||
Joint Lead Managers and Joint Bookrunners (and Underwriting Commitment): | Barclays Capital Inc. (18.8%) | |
| Citigroup Global Markets Inc. (18.8%) | ||
| Deutsche Bank Securities Inc. (18.8%) | ||
| Greenwich Capital Markets, Inc. (18.8%) | ||
| HSBC Securities (USA) Inc. (18.8%) | ||
Co-Managers: | Lloyds TSB Bank plc (1.5%) | |
| Mitsubishi UFJ Securities International plc (1.5%) | ||
| Mizuho International plc (1.5%) | ||
| SG Americas Securities, LLC (1.5%) |
