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US Cellular Prices New Baby Bond Issue

US Cellular (USM) has priced their new issue of baby bonds.

The issue prices at 5.50%. The issue is rated just below investment grade.

The company will use a portion of the proceeds from this new issue to call the 7.25% UZC baby bonds.

The new issue will have a ticker of UZF when it begins to trade in the next week or so. There is no OTC grey market trading as this is a debt issue. Investors desiring shares prior to exchange trading will need to call their brokers bond desk to see if shares can be secured.

The pricing term sheet can be read here.

4 thoughts on “US Cellular Prices New Baby Bond Issue”

  1. Called e-trade and they told me the CUSIP was for a preferred. All the detail I see posted here indicates Sr Notes. So still checking at E-Trade

  2. Just snagged some through Vanguard Bond Desk AKA Grid’s”The Thieves” for 24.90. Had to be patient..took em a while and a call back to root them out…..and probably to figure out their profit too.

    1. Adrian – Just fill 200 at $24.85 at Vanguard. This after the “senior” trader voiced price running at $25.25 prior to calling to the desks.

      I’m holding a chunk of the UZC 7.25% – bought the UZF in anticipation that the UZC will get called soon.

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