U.S. Cellular redeems $163.3 million of LYONs

Pittsburgh, July 27 - United States Cellular Corp. redeemed its outstanding Liquid Yield Option Notes due June 15, 2015 at a redemption price of $163.3 million, or $525.47 per $1,000 principal amount, according to a company news release.

The company funded the redemption of the LYONs with a portion of the proceeds from the recent issuance of long-term debt, $330 million of 7.5% senior notes due 2034 and $100 million of 6.7% senior notes due 2033.

U.S. Cellular also plans to complete the redemption of $250 million of its 7¼% notes due August 2007 on Aug. 16, the release said.

The refinancing activities will allow the company to lengthen debt maturity schedules and reduce potential dilution to shareholders.

U.S. Cellular is a Chicago wireless service carrier.

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