U.S. Cellular plans to sell $25-par five-year senior notes

By James McCandless

San Antonio, Aug. 10 – United States Cellular Corp. plans to price an offering of $25-par senior notes due 2025, according to a 424B5 filing with the Securities and Exchange Commission.

BofA Securities, Inc., Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, UBS Securities LLC and Wells Fargo Securities, LLC are the bookrunners.

The co-managers are Citigroup Global Markets Inc., BNY Mellon Capital Markets, LLC, CIBC World Markets Corp., TD Securities (USA) LLC, Truist Securities, Inc. and U.S. Bancorp Investments, Inc.

Coupons are payable quarterly.

The notes are redeemable after five years.

U.S. Cellular plans to use the proceeds for general corporate purposes, which may include the repayment of debt, the purchase of additional spectrum and the funding of capital expenditures, including in connection with 5G buildout projects.

The company plans to list the notes on the New York Stock Exchange.

U.S. Cellular is a Chicago-based telecom company.

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