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T > SEC Filings for T > Form 8-K on 21-Oct-2013All Recent SEC Filings

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Form 8-K for AT&T INC.


21-Oct-2013

Entry into a Material Definitive Agreement, Financial Statements and Exhibits


ITEM 1.01 Entry into a Material Definitive Agreement.

On October 18, 2013, AT&T Inc. ("AT&T") announced the entry into a Master Agreement with Crown Castle International Corp. ("Crown Castle"), pursuant to which it will lease the rights to approximately 9,100 of its company-owned wireless towers to Crown and sell approximately 600 AT&T towers to Crown Castle. In exchange, AT&T will receive about $4.85 billion in cash up-front proceeds. Under the terms of the Master Prepaid Lease, Crown Castle will have exclusive rights to lease and operate approximately 9,100 AT&T towers. The average term of the lease rights is about 28 years. As the leases expire, Crown Castle will have fixed price purchase options, totaling approximately $4.2 billion, for these towers based on their estimated fair market values at the end of the lease terms. AT&T will sublease capacity on the towers from Crown Castle for a minimum of 10 years at $1,900 per month per site, with annual rent increases of 2 percent. AT&T has the option to renew up to a total of 50 years. AT&T will also have access to additional reserve capacity on the towers for future use. AT&T expects the additional capacity will help it continue to meet growing demand for mobile Internet services. The foregoing summary of the agreements referenced above is qualified in its entirety by the full text of such agreements, which are attached hereto as Exhibits 10.1, 10.2 and 10.3, and are incorporated by reference herein.

AT&T expects no significant impact to our financial results from this transaction. AT&T expects the transaction to close by year-end 2013, subject to standard closing conditions.

CAUTIONARY LANGUAGE CONCERNING FORWARD-LOOKING STATEMENTS

Information set forth in this filing contains financial estimates and other forward-looking statements that are subject to risks and uncertainties. A discussion of factors that may affect future results is contained in AT&T's filings with the Securities and Exchange Commission. AT&T disclaims any obligation to update or revise statements contained in this filing based on new information or otherwise.



ITEM 9.01 Financial Statements and Exhibits.

(d) Exhibits

10.1   Master Agreement, dated as of October 18, 2013, among Crown
       Castle International Corp. and AT&T Inc.

10.2   Form of Master Prepaid Lease

10.3   Form of MPL Site Master Lease Agreement

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