TDS Announces Sale of $300 Million of 7% Notes

Telephone and Data Systems, Inc. TDS announced today that, on March 21, 2011, it sold $300 million of 7 percent Senior Notes due 2060. The notes are callable at par on and after March 15, 2016. Closing is expected to occur on March 28, 2011. The notes are expected to be listed on the New York Stock Exchange under the symbol "TDJ." Following completion of the offering, TDS expects to use the net proceeds to redeem all of TDS' 7.6 percent Series A Notes due 2041, of which $282.5 million in aggregate principal amount remains outstanding, and to use the remaining net proceeds for general corporate purposes.