March 21, 2008
AT&T to pay FCC $1.3B down payment
AT&T says it will pay an initial down payment of $1.3 billion to the Federal Communications Commission for its portion of wireless spectrum licenses it won in a government airwaves auction.
AT&T says it will pay the down payment, of which $500 million was paid prior to the start of the auction, within the next 10 business days, according to a regulatory filing Friday. The remaining balance of $5.3 billion will be paid on or before April 17.
The San Antonio, Texas-based company says it will use funds from operations and either short-term or long-term debt to fund the purchase price.
On Thursday, the FCC announced the winners of a record-setting auction. The spectrum was made available thanks to the transition to digital broadcasting.
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