AT&T will sell a new issue of Global Notes in baby bond form due in 2067. No doubt these will be solidly investment grade.
Currently the company has another issue of Global Notes outstanding with a coupon of 5.35% and the share price has dropped in response to the new notes. Info on the older issue can be found here.
The company will use the proceeds for general corporate purposes.
This will be a decent issue for conservative investors as long as they realize that the price may move quite a lot if we get higher interest rates.
Of course being debt the interest payments will not be qualified payments.