[Federal Register Volume 64, Number 224 (Monday, November 22, 1999)]
[Notices]
[Pages 63833-63834]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-30318]
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SECURITIES AND EXCHANGE COMMISSION
[File No. 1-2346]
Issuer Delisting; Notice of Application To Withdraw From Listing
and Registration; (Southwestern Bell Telephone Company, Seven Year 6\1/
8\% Notes, Due March 1, 2000; Eight Year 6\3/8\% Notes, Due April 1,
2001; Twelve Year 6\5/8\% Notes, Due April 1, 2005; Forty Year 6\7/8\%
Debentures, Due February 1, 2011; Twenty-Two Year 7% Debentures, Due
July 1, 2015; Thirty Year 7\5/9\% Debentures, Due March 1, 2023;
Thirty-Two Year 7\1/4\% Debentures, Due July 15, 2025; and Fifty Year
6\7/8\% Debentures, Due March 31, 2048)
November 16, 1999.
Southwestern Bell Telephone Company, a Missouri corporation
(``Company'') and indirect, wholly-owned subsidiary of SBC
Communications Inc. (``SBC''), has filed an application with the
Securities and Exchange Commission (``Commission'), pursuant to Section
12(d) of the Securities Exchange Act of 1934 (``Act'') and Rule 12d2-
2(d) promulgated thereunder, to withdraw the securities specified above
(``Securities'') from listing and registration on the New York Stock
Exchange, Inc. (``NYSE'' or ``Exchange'').
On September 27, 1999, the Company's Board of Directors, in
compliance with NYSE Rule 500, adopted a resolution to withdraw the
Securities from listing and registration on the Exchange. The Company,
in making the determination to seek such withdrawal, has cited the
following factors in its application to the Commission:
Each of the Securities currently has a limited number of
registered holders.
The Securities trade infrequently on the Exchange and the
company does not anticipate that such trading volume might increase
appreciably.
The costs associated with the continued listing of the
Securities are prohibitive, given the limited trading volume.
Both the Company and SBC are currently reporting companies
under the Act and each files annual and periodic reports with the
Commission, but the Company is seeking to avoid the costs it incurs in
preparing such annual and periodic reports by obtaining from the
Commission an exemption from the Act's reporting requirements. SBC has
therefore proposed to guarantee certain of the Company's debt
securities owned by more than 300 registered holders.
[[Page 63834]]
Based on this proposed guaranty, and in conjunction with its
application to withdraw its Securities from listing and registration on
the NYSE, the Company has sought exemption from the Act's reporting
requirements as provided in certain circumstances by Section 12(h) of
the Act.
The Company is not obligated by the terms of the indenture
under which the Securities were issued or by any other document to
maintain the Securities' listing on the NYSE or any other exchange.
The Company has stated in its application to the Commission that it
has complied with the requirements of NYSE Rule 500 and that the
Exchange has indicated it will not interpose any objection to the
withdrawal of the Securities.
Any interested person may, on or before December 7, 1999, submit by
letter to the Secretary of the Securities and Exchange Commission, 450
Fifth Street, NW, Washington, DC 20549-0609, facts bearing upon whether
the application has been made in accordance with the rules of the
Exchange and what terms, if any, should be imposed by the Commission
for the protection of investors. The Commission, based on the
information submitted to it, will issue an order granting the
application after the date mentioned above, unless the Commission
determines to order a hearing on the matter.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.
Jonathan G. Katz,
Secretary.
[FR Doc. 99-30318 Filed 11-19-99; 8:45 am]
BILLING CODE 8010-01-M
