Ma Bell sold off $3B in debt, according to Reuters.
The sale included $1 billion in five-year notes yielding 1.70 percentage points over U.S. Treasuries and $2 billion in 30-year bonds yielding 2.00 percentage points more than Treasuries. The joint lead managers on the sale were Goldman Sachs, J.P. Morgan and Wachovia Bank.
With the credit crunch, you have to wonder where all these billions are coming from, from these banks.
Then Ma Bell ran out and bought another cellco:
"AT&T Inc. has announced that AT&T, through an affiliate, has entered into a definitive agreement with Edge Wireless Holding Company to acquire full ownership in Edge Wireless LLC, a regional wireless company with approximately 172,000 subscribers that operates in several markets in the Pacific Northwest." [CNN Money]