Benzinga | Feb 24, 2021 03:42PM EST

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

* 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.