Today AT&T offered to purchase around $55B worth of outstanding debt. They offered to purchase some higher coupon debt, but they also announced discount offerings on debt yielding less than 4%. Is there a reason that they would not, or are unable to, prioritize the higher yielding debt first? Even in the higher coupon offering they offered to buy debt with lower interest rates. At first glance, it looks like they could have eliminated all debt yielding over 4% with this offering, but instead chose to purchase notes with varying interest rates. Is this classic AT&T management or am I missing something?
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