Telephone and Data to repay revolving borrowings via preferreds

By Marisa Wong

Los Angeles, Aug. 10 – Telephone and Data Systems, Inc. intends to repay some or all of the $125 million of outstanding borrowings under its $400 million unsecured revolving credit agreement using proceeds from its offering of 6% cumulative redeemable perpetual preferred stock, series VV, according to a press release.

As previously reported, the company will also use proceeds from the preferreds to redeem all of its outstanding 6 5/8% senior notes due 2045.

Based in Chicago, TDS provides wireless, cable and wireline broadband, video and voice services.

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