Southern New England Telephone Co. - $5,000 or $1,000 - Bond
Inv# SE2269 Bond$5,000 9 5/8% Orange or $1,000 9 5/8% Red Specimen Bond printed by American Bank Note Company. Please specify color.
The Southern New England Telephone Company (commonly referred to as SNETCo by its customers), doing business as Frontier Communications of Connecticut, is a local exchange carrier owned by Frontier Communications.
It started operations on January 28, 1878 as the District Telephone Company of New Haven. It was the founder of the first telephone exchange, as well as the world's first telephone book. Since its inception, SNET has held a monopoly on most of the telephone services in the state of Connecticut; the only remaining exceptions are the Greenwich and Byram exchanges where Verizon New York provides telephone service.
SNET and Cincinnati Bell were the only two companies in the old Bell System that the old AT&T only had a minority stake in; by 1983, AT&T's stake was only 19.6 percent. Therefore, neither was considered a Bell Operating Company; rather, they were considered independents.
SNET was purchased for $4.4 billion in 1998 by SBC Communications, which subsequently purchased the old AT&T, taking its name as the "new" AT&T. Under AT&T, SNET was known as AT&T Connecticut.
In 2006, AT&T merged the operations of SNET into AT&T Teleholdings, formerly Ameritech, making it a subsidiary of the latter.
On June 1, 2007, the operations of Woodbury Telephone were merged into SNET.
On October 24, 2014, Frontier Communications completed its purchase of AT&T's Connecticut operations, including Southern New England Telephone and SNET America, for $2 billion. The company began doing business as Frontier Communications of Connecticut. It is the second former unit of the Bell System to be acquired by Frontier, the first being Frontier West Virginia (originally C&P Telephone of West Virginia) which was purchased from Verizon in 2010.
A bond is a document of title for a loan. Bonds are issued, not only by businesses, but also by national, state or city governments, or other public bodies, or sometimes by individuals. Bonds are a loan to the company or other body. They are normally repayable within a stated period of time. Bonds earn interest at a fixed rate, which must usually be paid by the undertaking regardless of its financial results. A bondholder is a creditor of the undertaking.
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