U.S. Cellular Announces Sale of $300 Million of 6.95% Notes

United States Cellular Corporation USM announced today that, on May 9, 2011, it sold $300 million of 6.95 percent Senior Notes due 2060. The notes are callable at par on and after May 15, 2016. Closing is expected to occur on May 16, 2011. Following completion of the offering, U.S. Cellular expects to use the net proceeds to redeem a portion of U.S. Cellular's 7.5 percent Senior Notes due 2034, of which $330 million in aggregate principal amount are outstanding.