AT&T Corp.'s blockbuster $30 billion syndicated loan was about 40% oversubscribed by Wednesday-beating by two days the ambitious goal of AT&T executives to raise the biggest loan ever in one week.

After launching a surprise $58 billion cash and stock bid last Thursday for MediaOne Group Inc., AT&T needed to raise the money in a hurry. MediaOne executives will decide by next Thursday whether to accept the AT&T bid or a competitive bid from ComCast Corp., or to opt for a 21-day extension.

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