Cellular telecom United States Cellular Corp (USM) will be offering a new $25/share baby bond.
The issue will likely be rated BB by Standard and Poor’s and Ba1 by Moody’s.
The company currently has 4 baby bond issues outstanding with coupons ranging from 6.25% to 7.25%. You can see the issues here. The company ‘may’ use the proceeds from the new issue for debt repayment. It would not surprise me a bit to see the company call one of the 7.25% issues.
The preliminary prospectus for the new issue can be read here.
LTVS was right on this one.