TDS Raises $400M From Preferred Share Sale, Lists Under 'TDSPrU' On NYSE - Telephone and Data (NYSE:TDS)

Telephone And Data Systems Inc (NYSE: TDS) priced 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.