SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report: October 30, 1998
SBC COMMUNICATIONS INC.
A Delaware Corporation
Commission File No. 1-8610
IRS Employer No. 43-1301883
175 E. Houston, San Antonio, Texas 78205
Telephone Number (210) 821-4105
Item 5. Other Events
On October 29, 1998, SBC Communications Inc. announced the following information
regarding Pacific Bell:
PACIFIC BELL BEGINS DEBENTURE BUYBACK
SAN ANTONIO, October 29, 1998 - SBC Communications (NYSE: SBC)
today announced that Pacific Bell is commencing fixed spread repurchase
offers for any and all of its outstanding 8.50% debentures due August
15, 2031; 7.75% debentures due September 15, 2032; and 7.50% debentures
due February 1. 2033.
Each offer will commence at 2 p.m. Eastern Standard Time on
Thursday, October 29, 1998 and expire at 5 p.m. Eastern Standard Time
on Thursday, November 5, 1998 unless extended or terminated earlier.
The securities will be purchased at a price per $1,000 principal
amount of each security purchased. The repurchase price applicable to
securities properly repurchased pursuant to the offer will be
calculated in a manner intended to result in a yield determined by
reference to the yield to maturity of the applicable U.S. Treasury Note
as listed below plus the corresponding fixed spread. Each price is
calculated at the time of acceptance of an offer. In addition, Pacific
Bell will pay accrued and unpaid interest on the debentures up to, but
not including, the date of payment of the purchase price for the
debentures.
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Description Outstanding Earliest Reference Fixed Spread Hypothetical
of Principal Redemption U.S. Purchase
Debentures Amount Date Treasury Price*
Note
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8.50% due $225,000,000 8/15/2001 6.50% due 0.23% $1,126.64
8/15/2031 8/31/2001
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7.75% due $300,000,000 9/15/2002 5.875% due 0.46% $1,135.80
9/15/2032 9/30/2002
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7.50% due $400,000,000 2/01/2003 5.50% due 0.73% $1,116.80
2/1/2033 2/28/2003
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*Hypothetical purchase price based on the yield to maturity of the
reference note for the securities as of 9:00 EST on October 29, 1998
and a settlement date of November 3, 1998.
Information about the offers will be available on MCM "Corporate
Watch" Service on Telerate Page 64160 or Bloomberg Page MCM 7885.
Requests for documents may be directed to Beacon Hill Partners, Inc.,
the information agent, at 800-755-5001 (toll-free). Questions
regarding the offers should be directed to Merrill Lynch & Co., the
exclusive dealer manager for the offers, at 888-654-8637 (toll free) or
212-449-4914 (call collect). To accept offer, holders should contact
Merrill Lynch Corporate Bond Trading Desk at 212-449-4699 (call
collect), Attention: Michael Regan or Merrill Lynch Dealer Sales Desk
at 212-449-4633 (call collect), Attention: Gary Kobes.
SBC Communications Inc. is a global leader in the
telecommunications industry, with more than 36.9 million access lines
and 6.5 million wireless customers across the United States, as well as
investments in telecommunications businesses in 11 countries. Under the
Southwestern Bell, Pacific Bell, SNET, Nevada Bell and Cellular One
brands, SBC, through its subsidiaries, offers a wide range of
innovative services, including local and long-distance telephone
service, wireless communications, paging, Internet access, and
messaging, as well as telecommunications equipment, and directory
advertising and publishing. SBC (www.sbc.com) has approximately 129,000
employees. The combined 1997 revenues of SBC and SNET were $27.1
billion. SBC's equity market value ranks it as one of the largest
telecommunications companies in the world.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
SBC Communications Inc.
/s/ Randall Stephenson
Randall Stephenson
Vice President and Controller
October 30, 1998
