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Fitch rates TDS preferreds BB-
Fitch Ratings said it assigned BB-/RR6 ratings to Telephone and Data Systems, Inc.'s planned preferred stock issuance.
The preferred stock has no maturity date but may be redeemed in whole but not in part, at any time before Sept. 30, 2026, upon occurrence of a defined ratings event; and in whole or in part after Sept. 30, 2026, in each case, in cash.
The proceeds will be used to redeem about $116 million of TDS' 6 5/8% senior notes and pay down some or all of $125 million of TDS' revolver balance. Any remaining proceeds may be used towards fiber-related capital expenditures or other general corporate purposes.
The dividends are payable quarterly when declared, and if unpaid are cumulative.
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