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Tuesday, March 22, 2011 1:50:56 PM
CHICAGO, March 22, 2011 /PRNewswire via COMTEX/ -- Telephone and Data Systems,
Inc. (TDS)(TDS.S) announced today that, on March 21, 2011, it sold $300 million
of 7 percent Senior Notes due 2060. The notes are callable at par on and after
March 15, 2016. Closing is expected to occur on March 28, 2011.
The notes are expected to be listed on the New York Stock Exchange under the
symbol "TDJ."
Following completion of the offering, TDS expects to use the net proceeds to
redeem all of TDS' 7.6 percent Series A Notes due 2041, of which $282.5 million
in aggregate principal amount remains outstanding, and to use the remaining net
proceeds for general corporate purposes.
TDS intends to file a prospectus supplement with the Securities and Exchange
Commission in connection with the offering. The prospectus supplement relates to
the shelf registration statement filed by TDS on Nov. 5, 2008, that became
effective on Nov. 5, 2008, which registered an indeterminate amount of debt
securities for offer and sale by TDS from time to time.
BofA Merrill Lynch, Citigroup, Wells Fargo Securities and UBS Investment Bank
were joint book-running managers.
The offering is being made only by means of the prospectus. This press release
shall not constitute an offer to sell or the solicitation of an offer to buy nor
shall there be any sale of these securities in any state in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such state.
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