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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
May 28, 2024
UNITED STATES CELLULAR CORPORATION
(Exact name of registrant as specified in its charter)
Delaware |
|
001-09712 |
|
62-1147325 |
(State or other jurisdiction of incorporation) |
|
(Commission File Number) |
|
(I.R.S. Employer Identification No.) |
8410 West Bryn Mawr, Chicago, Illinois
60631
(Address of principal executive offices and zip
code)
Registrant's telephone number, including area code:
(773) 399-8900
Not Applicable
(Former name or former address, if changed since
last report.)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
|
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act: |
|
Title of each class |
|
Trading Symbol |
|
Name of each exchange on which registered |
Common Shares, $1 par value |
|
USM |
|
New York Stock Exchange |
6.25% Senior Notes due 2069 |
|
UZD |
|
New York Stock Exchange |
5.50% Senior Notes due 2070 |
|
UZE |
|
New York Stock Exchange |
5.50% Senior Notes due 2070 |
|
UZF |
|
New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (§240.12b-2 of this chapter).
|
¨ |
Emerging growth company |
|
¨ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. |
Item 8.01. Other Events
On May 28, 2024, United States Cellular
Corporation (“UScellular”) (i) issued a press release announcing that its board of directors unanimously approved
the execution of a Securities Purchase Agreement (the “Purchase Agreement”) by and among Telephone and Data Systems, Inc.,
UScellular, T-Mobile US, Inc. (“Buyer”) and USCC Wireless Holdings, LLC, pursuant to which, among other things, UScellular
has agreed to sell its wireless operations and select spectrum assets to Buyer for a purchase price, subject to adjustment as specified
in the Purchase Agreement, (the “Purchase Price”) of $4,400,000,000, payable in cash and the assumption of up to approximately
$2,000,000,000 in debt (the “Transaction”) and (ii) made available an investor presentation with regard to the Transaction.
A copy of the press release is furnished herewith as Exhibit 99.1 and a copy of the investor presentation is furnished herewith as
Exhibit 99.2; both documents are incorporated in this Item 8.01 by reference.
Item 9.01. Financial Statements and Exhibits
(d) The following exhibits are being filed
herewith:
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
UNITED STATES CELLULAR CORPORATION |
|
|
Date: May 28, 2024 |
By: |
/s/ Douglas W. Chambers |
|
|
Douglas W. Chambers |
|
|
Executive Vice President, Chief Financial Officer
and Treasurer |
Exhibit 99.1
UScellular and TDS Announce
Sale of Wireless Operations and Select Spectrum Assets to
T-Mobile for Approximately
$4.4 Billion in Cash and Assumed Debt
T-Mobile, after
acquiring UScellular’s wireless operations and customers, will use its greater resources to deliver benefits to UScellular customers,
including lower prices, more robust plans, superior network experiences, and more added benefits
T-Mobile to enter into new MLA and
be a long-term tenant on at least 2,600 of UScellular’s towers
UScellular retains its nearly
4,400 owned towers, its equity method investments, and approximately 70% of spectrum assets
UScellular and TDS to hold
conference call at 8:30 a.m. Central Time
CHICAGO (May 28, 2024) – United
States Cellular Corporation (“UScellular”) (NYSE: USM) and Telephone and Data Systems, Inc. (“TDS”) (NYSE: TDS)
today announced they have entered into a definitive agreement to sell UScellular’s wireless operations and select spectrum
assets to T-Mobile for a purchase price of $4.4 billion, including a combination of cash and up to approximately $2 billion of assumed
debt. Under the terms of the agreement, T-Mobile will acquire UScellular’s wireless operations and approximately 30% of spectrum
assets across several spectrum bands. In addition, T-Mobile will enter into a new master license agreement (“MLA”) on more
than 2,000 towers. The agreement follows a thorough strategic review process announced in August 2023 and has been unanimously recommended
by the independent directors of UScellular and unanimously approved by the boards of directors of both UScellular and TDS, an 83 percent
shareholder of UScellular.
Lower Prices, Faster Speeds, and More Reliable Performance on T-Mobile’s Nationwide 5G Network Committed to Serving Rural Americans
T-Mobile’s purchase and integration of UScellular’s wireless
operations will provide more competitive choices for UScellular customers, as they will benefit from T-Mobile’s greater resources
and ability to provide lower prices, more robust plans, and a better network experience. Access to T-Mobile’s 5G network,
enhanced by UScellular’s spectrum and tower assets, will provide immediate value to UScellular customers through better coverage,
speed and access to T-Mobile’s “Un-carrier” benefits including content offers, additional savings for seniors and robust
customer service options.
“For over 40 years, UScellular has delivered on its mission of
connecting people to what matters most, and this transaction will ensure customers have access to the level of service they deserve,”
said LeRoy T. Carlson, Jr., Chair of the Board of Directors of UScellular. “In the face of rising competition and increasing capital
intensity required to keep pace with the latest technologies, and following our careful and deliberate strategic review, we are confident
that continuing to deliver on our mission requires a level of scale and investment that is best achieved by integrating our wireless operations
with those of T-Mobile. T-Mobile has the resources to provide UScellular’s customers with an unparalleled network experience, lower
prices and higher-quality services. We are pleased that T-Mobile also shares our commitment to bringing best-in-class connectivity to
rural Americans, who today comprise nearly 40% percent of the population that UScellular serves.”
“The decisions we announced today are in the
best interests of our customers and our shareholders. T-Mobile is the right partner for our wireless operations and will ensure that
customers have access to best-in-class wireless speeds and performance, including 5G and a nationwide network, at compelling prices,”
said Laurent Therivel, Chief Executive Officer of UScellular. “We are committed to serving the needs of our customers and supporting
our associates as we work to complete the transaction.”
“This deal will create opportunity for T-Mobile
to bring millions of UScellular customers lower prices and the Un-carrier’s superior value on our best-in-class nationwide 5G network,
offering much needed choice and more real competition across the wireless industry,” said Mike Sievert, CEO of T-Mobile. “Bringing
together UScellular’s network resources with ours will enable us to fill gaps in connectivity that will create a better experience
for all of our customers with more coverage and more capacity. And this is just some of the goodness this deal will bring. This will
be a real win for consumers across the U.S.”
Service Continuity and a Transformed UScellular Tower Business
In connection with the agreement, T-Mobile will enter into a new long-term
MLA on a minimum of 2,015 incremental towers owned by UScellular and extend the lease term for the approximately 600 towers where T-Mobile
is already a tenant. This will ensure continued, uninterrupted service for UScellular customers following the transaction and create
a long-term contracted revenue stream from a strong anchor tenant for at least 15 years after the close of the transaction. With the
inclusion of the towers occupied by other existing third-party tenants, UScellular’s tower assets will represent one of the largest
and most attractive tower businesses in the United States.
Retained Spectrum and Equity-Method Investments
UScellular retains approximately 70% of its spectrum portfolio across
several spectrum bands and will seek to opportunistically monetize these retained assets.
UScellular also retains significant equity method investment interests,
primarily from its wireless partnerships, that generated $158 million of equity method income and $150 million in distributions in 2023.
Other Transaction Details
T-Mobile expects to finance the transaction with existing cash on hand,
and the consummation of the transaction is not subject to any financing contingencies. In connection with the transaction, T-Mobile expects
to conduct an exchange offer under which holders of certain UScellular debt with a face value of approximately $2 billion will be offered
the opportunity to participate in an exchange offer of their UScellular debt for T-Mobile debt. Specific details of the expected exchange
offer will be provided in due course. The amount of any debt exchanged will serve to reduce the cash payable to UScellular. Further, up
to $100 million of the cash purchase price is contingent on achieving certain financial and operational metrics between signing and closing.
The purchase price is also subject to other potential adjustments, as specified in the purchase agreement.
UScellular anticipates being in a position to return capital to shareholders
after the close of the transaction, but any decisions regarding capital allocation or use of proceeds will be made by the UScellular
Board of Directors in due course.
In order to provide financial perspective on the impact of this transaction,
in the next few months, UScellular expects to provide both pro forma financial statements regarding this transaction, and segment financial
statements which show the results of UScellular’s wireless operations and tower business separately.
The transaction has been unanimously recommended by the independent
directors of UScellular and unanimously approved by the boards of directors of both UScellular and TDS. In addition, TDS, in its role
as the 83 percent shareholder of UScellular, has delivered its written consent approving the transaction. No further action by UScellular’s
shareholders will be needed or solicited in connection with the transaction.
The transaction is expected to close in mid-2025, subject to the receipt
of regulatory approvals and the satisfaction of customary closing conditions.
Advisors
Citigroup Global Markets Inc. is serving as lead financial advisor,
Centerview Partners LLC is serving as financial advisor and Sidley Austin LLP is serving as lead legal advisor to TDS. TD Securities
(USA) LLC and Wells Fargo are also serving as financial advisors to TDS for the transaction. PJT Partners LP is serving as financial
advisor and Cravath, Swaine & Moore LLP is serving as legal advisor to the independent directors of UScellular. Clifford Chance LLP
and Wilkinson Barker Knauer, LLP are also serving as legal regulatory advisors to UScellular and TDS for the transaction.
Conference Call Information
UScellular and TDS will hold a joint conference call on May 28, 2024,
at 8:30 a.m. Central Time.
| · | Access the live call on UScellular Events & Presentations or TDS
Events & Presentations or at https://events.q4inc.com/attendee/598119900 |
| · | Access
the call by phone at (800) 715-9871 (U.S./Canada), conference ID: 2264212 |
Before the call, information to be discussed during the call will be
posted to UScellular Events & Presentations. The call will be archived on UScellular Events & Presentations and TDS Events &
Presentations.
About UScellular
United States Cellular Corporation provides a comprehensive range
of wireless products and services, excellent customer support, and a high-quality network to customers with 4.5 million retail connections
in 21 states. The Chicago-based company had 4,300 full- and part-time associates as of March 31, 2024. At the end of the first quarter
of 2024, Telephone and Data Systems, Inc. owned approximately 83 percent of UScellular. For more information about UScellular, visit
uscellular.com.
Contacts
Media:
FGS Global, Bryan Locke, Jim Finkle, Amy Corser
UScellular@FGSGlobal.com
Investors:
Colleen Thompson, Vice President – Corporate Relations
colleen.thompson@tdsinc.com
Julie Mathews, IRC, Director – Investor Relations
julie.mathews@tdsinc.com
Safe Harbor Statement Under the Private Securities Litigation
Reform Act of 1995: All information set forth in this news release, except historical and factual information, represents forward-looking
statements. This includes all statements about the company’s plans, beliefs, estimates, and expectations about the consummation
and benefits of the proposed transactions, including anticipated synergies, and T-Mobile’s and UScellular’s plans, objectives,
expectations and intentions, and the expected timing of completion of the proposed transaction. These statements are based on current
plans, estimates, projections, and assumptions, and the anticipated timing of completion of the proposed transactions, which involve
certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Important
factors that may affect these forward-looking statements include, but are not limited to: the failure to obtain, or delays in obtaining,
required regulatory approvals and the risk that such approvals may be conditioned upon or result in the imposition of terms or conditions
that could adversely affect the expected benefits of the proposed transaction; the failure to satisfy any of the other conditions to
the proposed transaction on a timely basis, or at all; the occurrence of events that may allow one or more parties to terminate the definitive
agreement; the adverse effects on UScellular’s or T-Mobile’s common stock and on UScellular’s or T-Mobile’s operating
results because of a failure to complete the proposed transactions in the anticipated timeframe or at all; adverse changes in the ratings
of UScellular’s or T-Mobile’s debt securities or adverse conditions or disruptions in the financial or credit markets; negative
effects of the announcement, pendency or consummation of the transaction on UScellular’s operating results, including as a result
of changes in key customer, supplier, employee or other business relationships; significant transaction costs and unknown liabilities;
failure to realize the expected benefits and synergies of the proposed transaction in the expected timeframes or at all; costs or difficulties
related to the integration of UScellular’s network and operations into T-Mobile; the risk of litigation or regulatory actions,
including antitrust litigation; the risk that certain contractual restrictions contained in the definitive agreement during the pendency
of the proposed transaction could adversely affect UScellular’s ability to pursue business opportunities or strategic transactions;
effects of changes in the state or federal regulatory environment in which UScellular and T-Mobile operate; intense competition; the
ability of UScellular and T-Mobile to retain and attract people of outstanding talent throughout all levels of the organization; the
ability of UScellular to obtain or maintain leases for its towers; advances in technology; the ability of the company to successfully
construct and manage its towers; difficulties involving third parties with which UScellular does business; uncertainties in UScellular’s
future cash flows and liquidity and access to the capital markets; the ability to make payments on UScellular indebtedness or comply
with the terms of debt covenants; changes in tax rules or pronouncements; the possibility that the Board of Directors of UScellular will
not declare dividends; conditions in the U.S. telecommunications industry; the value of assets and investments; pending and future litigation;
cyber-attacks or other breaches of network or information technology security; potential conflicts of interests between TDS and UScellular;
deterioration of U.S. or global economic conditions; unpredictability and severity of catastrophic events, including but not limited
to acts of terrorism, war or hostilities, as well as management’s response to any of the aforementioned factors; and the impact,
duration and severity of public health emergencies. Investors are encouraged to consider these and other risks and uncertainties that
are more fully described under “Risk Factors” in the most recent filing of UScellular’s Form 10-K.
Additional Information and Where to Find It
UScellular will prepare an information statement on Schedule 14C for
its shareholders with respect to the approval of the transaction described herein. When completed, the information statement will be
mailed to UScellular’s shareholders. You may obtain copies of all documents filed by UScellular with the SEC regarding this transaction,
free of charge, at the SEC’s website, www.sec.gov or from UScellular’s website at https://investors.uscellular.com.
Exhibit
99.2
| Sale of Wireless Operations and
Select Spectrum Assets
May 28, 2024 |
| Contains UScellular confidential information. Not for external use or disclosure without proper authorization.
Forward-Looking Statements
2
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: All information set forth in this presentation, except historical and factual information,
represents forward-looking statements. This includes all statements about the company’s plans, beliefs, estimates, and expectations about the consummation and benefits of the
proposed transactions, including anticipated synergies, and T-Mobile’s and UScellular’s plans, objectives, expectations and intentions, and the expected timing of completion of the
proposed transaction. These statements are based on current plans, estimates, projections, and assumptions, and the anticipated timing of completion of the proposed transactions,
which involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Important factors that may affect these
forward-looking statements include, but are not limited to: the failure to obtain, or delays in obtaining, required regulatory approvals and the risk that such approvals may be
conditioned upon or result in the imposition of terms or conditions that could adversely affect the expected benefits of the proposed transaction; the failure to satisfy any of the other
conditions to the proposed transaction on a timely basis, or at all; the occurrence of events that may allow one or more parties to terminate the definitive agreement; the adverse
effects on UScellular’s or T-Mobile’s common stock and on UScellular’s or T-Mobile’s operating results because of a failure to complete the proposed transactions in the anticipated
timeframe or at all; adverse changes in the ratings of UScellular’s or T-Mobile’s debt securities or adverse conditions or disruptions in the financial or credit markets; negative effects
of the announcement, pendency or consummation of the transaction on UScellular’s operating results, including as a result of changes in key customer, supplier, employee or other
business relationships; significant transaction costs and unknown liabilities; failure to realize the expected benefits and synergies of the proposed transaction in the expected
timeframes or at all; costs or difficulties related to the integration of UScellular’s network and operations into T-Mobile’s; the risk of litigation or regulatory actions, including antitrust
litigation; the risk that certain contractual restrictions contained in the definitive agreement during the pendency of the proposed transaction could adversely affect UScellular’s ability
to pursue business opportunities or strategic transactions; effects of changes in the state or federal regulatory environment in which UScellular and T-Mobile operate; intense
competition; the ability of UScellular and T-Mobile to retain and attract people of outstanding talent throughout all levels of the organization; the ability of UScellular to obtain or
maintain leases for its towers; advances in technology; the ability of the company to successfully construct and manage its towers; difficulties involving third parties with which
UScellular does business; uncertainties in UScellular’s future cash flows and liquidity and access to the capital markets; the ability to make payments on UScellular indebtedness or
comply with the terms of debt covenants; changes in tax rules or pronouncements; the possibility that the Board of Directors of UScellular will not declare dividends; conditions in the
U.S. telecommunications industry; the value of assets and investments; pending and future litigation; cyber-attacks or other breaches of network or information technology security;
potential conflicts of interests between TDS and UScellular; deterioration of U.S. or global economic conditions; unpredictability and severity of catastrophic events, including but not
limited to acts of terrorism, war or hostilities, as well as management’s response to any of the aforementioned factors; and the impact, duration and severity of public health
emergencies. Investors are encouraged to consider these and other risks and uncertainties that are more fully described under “Risk Factors” in the most recent filing of UScellular’s
Form 10-K.
Additional Information and Where to Find It
UScellular will prepare an information statement on Schedule 14C for its shareholders with respect to the approval of the transaction described herein. When completed, the
information statement will be mailed to UScellular’s shareholders. You may obtain copies of all documents filed by UScellular with the SEC regarding this transaction, free of charge,
at the SEC’s website, www.sec.gov or from UScellular’s website at https://investors.uscellular.com. |
| Contains UScellular confidential information. Not for external use or disclosure without proper authorization.
3
Call Participants
Laurent “LT” Therivel
President and Chief Executive Officer, UScellular
Doug Chambers
Executive Vice President, Chief Financial Officer and
Treasurer, UScellular
Vicki Villacrez
Executive Vice President and
Chief Financial Officer, TDS |
| Contains UScellular confidential information. Not for external use or disclosure without proper authorization.
Transaction Overview
4
• Sale of wireless operations and select spectrum assets to T-Mobile for $4.4 billion purchase price payable in
combination of cash and up to $2 billion in assumed debt
• Wireless operations include: subscribers, network assets and operations (excluding owned towers), sales and
distribution, and customer care
• Up to $100 million of the purchase price is contingent on certain financial and operational metrics between
signing and closing and is subject to other adjustments as specified in the purchase agreement
• Transaction expected to close in mid-2025, subject to regulatory approval and satisfaction of customary
closing conditions
Wireless
Operations
• T-Mobile to enter into a new, 15-year Master License Agreement (MLA) with UScellular on a minimum of
2,015 incremental UScellular towers following the transaction
• T-Mobile to extend the term of its tenancy on the ~600 sites where T-Mobile is already a tenant for 15 years
post-transaction
Tower
MLA
• T-Mobile will acquire approximately 30% of UScellular’s spectrum portfolio, including all of the company’s 600
MHz(1) and 2.5 GHz, as well as the majority of its 700 MHz A Block, AWS and PCS holdings Spectrum
(1) ~39% subject to a put/call agreement. To the extent the put/call is exercised, an incremental $106 million of purchase price will be due. |
| Contains UScellular confidential information. Not for external use or disclosure without proper authorization.
Transaction Delivers Significant Benefits to Customers
5
Lower Prices
UScellular customers will
have the opportunity to
change to T-Mobile's
lower-priced comparable
plans with no switching
costs
Increased Rural
Coverage
Significantly expands
coverage across rural
America for the customers
of both companies
Better Network
Experience
Customers will get a
superior performance
and speed experience
on the integrated
network
More Choices
Access to T-Mobile’s
“Un-carrier” benefits
including content offers,
additional savings for
seniors, and more
robust customer service
options |
| Contains UScellular confidential information. Not for external use or disclosure without proper authorization.
Unlocking Value for All Stakeholders – “What’s Staying”
6
Retained Spectrum
UScellular retains a
majority of existing
wireless spectrum portfolio
– including Cellular, C-Band,
and 3.45 GHz
Transformed Tower
Business
Long-term MLA with T-Mobile
+ Existing third-party
colocations solidify the 5
th
largest tower portfolio in
the US
Equity Method
Investment Interests
Retained equity method
investment interests
generate meaningful
income and distributions |
| Contains UScellular confidential information. Not for external use or disclosure without proper authorization.
UScellular is Retaining ~70% of its Spectrum Portfolio
7
Spectrum
• T-Mobile to acquire bands of
UScellular’s spectrum that most
seamlessly integrate into their
existing network
• UScellular will seek to
opportunistically monetize
retained spectrum
Acquired Retained
Low & Mid-Band MHz POPs (1)
4,161mm MHz POPs(3)
1,969mm MHz POPs(3)
594
319
563
443
50
8,973
700 MHz (A Block) (30%)
700 MHz (B/C Block)
Cellular
AWS (4%)
PCS (7%)
3.45 GHz
CBRS
C-Band
28 GHz(3)
37/39 GHz(3)
(1) King Street and Advantage MHz POPs are included in the graph.
(2) ~39% subject to a put/call agreement. To the extent the put/call is exercised, an incremental $106 million of
purchase price will be due.
(3) Quantification of mmWave MHz POPs not included in the graph.
133
333
663
25
33
1,252
78
1,644
7,492
9,967
Band MHz POPs
600 MHz(2)
700 MHz (A Block) (70%)
AWS (96%)
PCS (93%)
2.5 GHz
24 GHz(3)
Band MHz POPs |
| Contains UScellular confidential information. Not for external use or disclosure without proper authorization.
A Transformed UScellular Tower Business
8
• T-Mobile to become a long-term tenant on a minimum of 2,015(2)
incremental towers with expected minimum incremental cash rentals of
$56 million in the first full year post-close
• MLA term is subject to annual escalators at customary market rates
• T-Mobile to extend its tenancy on the ~600 sites where T-Mobile is a
tenant today for 15 years following the close of the transaction
• 15-year committed term for new and existing T-Mobile tower leases
provides substantial contracted revenue for UScellular
• T-Mobile to have an interim lease on remaining towers to ensure a
smooth network integration for T-Mobile and a seamless transition
experience for UScellular’s wireless customers
• Additional financial details on the tower business will be provided at a
future date
• Transaction solidifies position as the 5th largest tower company in the
U.S.
34%
27%
26%
13%
AT&T Verizon T-Mobile Other
Current Tower Revenue Post-Transaction Tower Details
Distribution(1)
(as of 4Q’23)
(1) Excluding the impact of new MLA. (2) Total commitment of 2,100 incremental towers; 2,015 towers in UScellular’s consolidated group,
and 85 towers in entities where UScellular owns a noncontrolling interest |
| Contains UScellular confidential information. Not for external use or disclosure without proper authorization.
UScellular Shareholders to Continue to Benefit from
Cash Flows from Equity Method Investment Interests
• UScellular to retain its non-operating equity method investment interests
that generated $158 million of equity method income and $150 million in
distributions in 2023
• Equity method investments expected to continue to deliver steady
source of cash flows to UScellular
9 |
| Contains UScellular confidential information. Not for external use or disclosure without proper authorization.
Exchange Offer for UScellular Debt Holders
T-Mobile to conduct exchange offer at par under which debt holders of the following UScellular debt
will have the choice to exchange their UScellular debt for T-Mobile debt with the same coupon,
maturity, and principal value
10
Exchangeable Notes Maturity Principal Value
($ in millions)
Unsecured 6.7% Senior Notes Due 2033 Dec ’33 $544
Unsecured 6.3% Senior Notes Due 2069 Sep ’69 $500
Unsecured 5.5% Senior Notes Due 2070 Mar ’70 $500
Unsecured 5.5% Senior Notes Due 2070 Jun ’70 $500 |
| Contains UScellular confidential information. Not for external use or disclosure without proper authorization.
TDS Fully Supports the Transaction
• Successful outcome creates significant value for UScellular and TDS stakeholders
• Potential return of capital to UScellular shareholders (including TDS) would:
• Enhance funding of the fiber program to expand broadband throughout the U.S.
• Growing fiber footprint through the fiber expansion program
• Bringing higher speeds to rural America though the Enhanced A-CAM program
• Strengthen the TDS balance sheet
• Resetting TDS capital allocation strategy:
• Support advancement of fiber deployment
• Improved leverage over time
• Continue paying common share dividend but at a lower rate than previous levels
11
TDS remains committed to bringing connectivity to communities across the United States |
| Q&A |
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United States Cellular (NYSE:UZF)
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から 12 2024 まで 1 2025
United States Cellular (NYSE:UZF)
過去 株価チャート
から 1 2024 まで 1 2025