BT’s $1.38 Billion Offering

Cleary Gottlieb acted as counsel to the underwriters for British Telecommunications plc’s (BT) offering of $675 million 4.5% senior notes due 2023 and $700 million 5.125% senior notes due 2028 under its shelf registration statement.

The joint bookrunning managers for the offering were Barclays Capital Inc.; Citigroup Global Markets Inc.; Merrill Lynch, Pierce, Fenner & Smith Inc.; MUFG Securities Americas Inc.; SMBC Nikko Securities America Inc.; BNP Paribas Securities Corp.; HSBC Securities (USA) Inc.; J.P. Morgan Securities LLC; Lloyds Securities Inc.; Mizuho Securities USA LLC; NatWest Markets Securities Inc.; Santander Investment Securities Inc.; SG Americas Securities LLC; and Skandinaviska Enskilda Banken AB (publ).

The offering closed on December 4, 2018.

BT is one of the world’s leading communications services companies, serving the needs of customers in the UK and 180 countries worldwide. Its main activities are the provision of fixed-line services, broadband, mobile, and TV products and services as well as networked IT services. Cleary served as counsel to the underwriters in the second and third stages of BT’s privatization in 1991 and 1993 and has served as designated underwriters’ counsel for its shelf registrations since 2000.