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UScellular announces redemption of 7.25% Senior Notes due 2064

May, 18, 2021

CHICAGO, May 18, 2021 /PRNewswire/ -- United States Cellular Corporation (NYSE: USM) today announced that it will redeem all of its outstanding 7.25 percent Senior Notes due 2064 (NYSE: UZC). The $300 million aggregate principal amount of outstanding notes will be redeemed June 16, 2021, at a redemption price of 100 percent of the principal amount ($25 face value per unit), together with accrued and unpaid interest to the redemption date. The paying agent is The Bank of New York Mellon Trust Company, N.A., c/o The Bank of New York Mellon, 111 Sanders Creek Parkway, East Syracuse, New York 13057, Attn:  Bond Redemption Unit.

"Lowering the cost of our balance sheet remains a top Treasury priority for UScellular this year, as we work to optimize our financial leverage to enable our business to continue investing in attractive opportunities such as 5G," said Peter L. Sereda, TDS executive vice president and chief financial officer. "Redemption of these notes is another step in this program as we evaluate other options to continue to take advantage of the low interest rate environment."

A notice of redemption with instructions is being distributed to registered holders of the notes, commencing May 17, 2021. Beneficial holders with any questions about the redemption should contact their respective brokerage firm or financial institution that holds notes on their behalf.

About UScellular
United States Cellular Corporation provides a comprehensive range of wireless products and services, excellent customer support, and a high-quality network to customers with 5.0 million connections in 21 states. The Chicago-based company had 5,200 full- and part-time associates as of March 31, 2021. At the end of the first quarter of 2021, Telephone and Data Systems, Inc. owned 82 percent of UScellular. For more information about UScellular, visit uscellular.com.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: All information set forth in this news release, except historical and factual information, represents forward-looking statements. This includes all statements about the company's plans, beliefs, estimates, and expectations. These statements are based on current estimates, projections, and assumptions, which involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Important factors that may affect these forward-looking statements include, but are not limited to: intense competition; the ability to obtain or maintain roaming arrangements with other carriers on acceptable terms; the ability to obtain access to adequate radio spectrum to meet current or anticipated future needs, including participation in FCC auctions; the ability to attract people of outstanding talent throughout all levels of the organization; UScellular's smaller scale relative to larger competitors; changes in demand, consumer preferences and perceptions, price competition, or churn rates; advances in technology; impacts of costs, integration problems or other factors associated with acquisitions, divestitures or exchanges of properties or wireless spectrum licenses and/or expansion of UScellular's businesses; the ability of the company to successfully construct and manage its networks; difficulties involving third parties; uncertainties in UScellular's future cash flows and liquidity and access to the capital markets; the ability to make payments on UScellular indebtedness or comply with the terms of debt covenants; conditions in the U.S. telecommunications industry; the value of assets and investments; the state and federal regulatory environment; pending and future litigation; potential conflicts of interests between TDS and UScellular; cyber-attacks or other breaches of network or information technology security; disruption in credit or other financial markets; deterioration of U.S. or global economic conditions; and the impact, duration and severity of public health emergencies, such as the COVID-19 pandemic. Investors are encouraged to consider these and other risks and uncertainties that are more fully described under "Risk Factors" in the most recent filing of UScellular's Form 10-K, as updated by any UScellular Form 10-Q filed subsequent to such Form 10-K.

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SOURCE United States Cellular Corporation

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