U.S. Cellular’s 7.25% $25-par notes to begin trading on NYSE Tuesday

By Stephanie N. Rotondo

Seattle, Nov. 23 – United States Cellular Corp.’s $300 million of 7.25% $25-par senior unsecured notes due Dec. 1, 2064 are slated to list on the New York Stock Exchange on Tuesday, a market source reported Monday.

The ticker symbol will be “UZC.”

The deal priced Nov. 16.

Initial price talk was 7.25% to 7.375%. The issue came upsized from $150 million.

BofA Merrill Lynch, Morgan Stanley & Co. LLC, RBC Capital Markets, UBS Securities LLC and Wells Fargo Securities LLC are the joint bookrunners. The lead manager is Citigroup Global Markets Inc.

Co-managers include BNY Mellon Capital Markets LLC, Comerica Securities, TD Securities and U.S. Bancorp Investments Inc.

Interest will be payable quarterly. The notes become callable on or after Dec. 1, 2020 at par plus accrued interest.

The Chicago-based cell service provider intends to use the proceeds for general corporate purposes, which may include the acquisition of additional spectrum.

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