TDS Announces the Pricing of an Offering of 24,000,000 Depositary Shares Representing Interests in Series VV Preferred Stock
On August 10, 2021, Telephone and Data Systems (TDS) priced an offering of 24 million depositary shares, each representing a 1/1,000th interest in its 6.000% Cumulative Redeemable Perpetual Preferred Stock, Series VV, at an aggregate price of $600 million. TDS plans to use the proceeds to redeem $116.3 million of senior notes and $125 million of borrowings under a revolving credit agreement, along with general corporate purposes, including funding capital expenditures for its fiber-to-the-home program. The offering is expected to close around August 16, 2021.
- Pricing of 24 million depositary shares, raising $600 million.
- Proceeds will be used to pay down $116.3 million in senior notes and $125 million in borrowings, improving the company’s debt position.
- Funding for capital expenditures in the fiber-to-the-home program may enhance long-term growth.
- None.
CHICAGO, Aug. 10, 2021 /PRNewswire/ -- Telephone and Data Systems, Inc. (NYSE: "TDS") announced today that it priced an offering on August 9, 2021 of 24,000,000 depositary shares, each representing a 1/1,000th interest in its
TDS intends to use the net proceeds from the offering for (i) the redemption of all
The offering is being made under TDS' registration statement filed with the Securities and Exchange Commission (the "SEC") and only by means of the prospectus supplement and the accompanying prospectus. Before you invest, you should read the prospectus in that registration statement, the prospectus supplement related to the offering and other documents TDS has filed with the SEC for more complete information about TDS and the offering. Alternatively, you may request copies of these materials from BofA Securities, Inc. by telephone at 1-800-294-1322 or email at dg.prospectus_requests@bofa.com, Citigroup Global Markets Inc. by telephone at 1-800-831-9146 or email at prospectus@citi.com, Morgan Stanley & Co. LLC by telephone at 1-866-584-6837, RBC Capital Markets, LLC by telephone at 1-866-375-6829 or email at rbcnyfixedincomeprospectus@rbccm.com, UBS Securities LLC by telephone at 1-888-827-7275 or Wells Fargo Securities, LLC by telephone at 1-800-645-3751 or email at wfscustomerservice@wellsfargo.com.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Telephone and Data Systems, Inc.
Telephone and Data Systems, Inc. (TDS), a Fortune 1000® company, provides wireless; broadband, video and voice; and hosted and managed services to approximately 6 million connections nationwide through its businesses, UScellular, TDS Telecom, and OneNeck IT Solutions. Founded in 1969 and headquartered in Chicago, TDS employed approximately 8,900 associates as of June 30, 2021.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks and uncertainties that could cause actual results, events and developments to differ materially from those set forth in, or implied by, such statements. These statements are based on the beliefs and assumptions of TDS management and the management of TDS subsidiaries. Generally, forward-looking statements include actions, events, results, strategies and expectations and are often identifiable by use of the words "believes," "expects," "intends," "anticipates," "plans," "seeks," "estimates," "projects," "may," "will," "could," "might," or "continues" or similar expressions. Factors that could cause actual results, events and developments to differ from those set forth in, or implied by, the statements set forth herein are discussed from time to time in TDS filings with the SEC, including TDS annual report on Form 10-K for the year ended December 31, 2020, as updated by any TDS Form 10-Q filed subsequent to such Form 10-K, which can be found on the SEC's website www.sec.gov.
All forward-looking statements described herein are qualified by these cautionary statements and there can be no assurance that the actual results, events or developments referenced herein will occur or be realized. TDS does not undertake any obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
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SOURCE Telephone and Data Systems, Inc.
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