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Market Overview

TDS Raises $400M From Preferred Share Sale, Lists Under 'TDSPrU' On NYSE

  • Telephone And Data Systems Inc (NYSE: TDSpriced 16 million depositary shares at $25 per share to raise $400 million in a preferred share offering.
  • The underwriters have a 30-day option to procure an additional 2.4 million depositary shares.
  • The offering is expected to close by March 2, 2021.
  • The company intends to list the depositary shares under the ticker symbol “TDSPrU” on the NYSE.
  • TDS will utilize the offering proceeds for general corporate purposes includes capital expenditures funding associated with the fiber-to-the-home program in new markets.
  • BofA Securities, Citigroup Global Markets, Morgan Stanley, RBC Capital Markets, UBS Securities, and Wells Fargo Securities, LLC are the joint book-running managers for the offering.
  • TDS share prices have lost 22% in the last six months.
  • Price action: TDS shares are marginally higher by 0.08% at $18.16 on the last check Wednesday.

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