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TABLE OF CONTENTS
Table of Contents
As filed with the Securities and Exchange Commission on February 25, 2015
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-3
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
UNITED STATES CELLULAR CORPORATION
(Exact name of registrant as specified in its charter)
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Delaware
(State or other jurisdiction of
incorporation or organization) |
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62-1147325
(IRS Employer
Identification Number) |
8410 West Bryn Mawr
Chicago, Illinois 60631
(773) 399-8900
(Address, including zip code, and telephone number, including
area code, of registrant's principal executive offices)
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LeRoy T. Carlson, Jr., Chairman
United States Cellular Corporation
c/o Telephone and Data Systems, Inc.
30 North LaSalle Street, Suite 4000
Chicago, Illinois 60602
(312) 630-1900 |
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with a copy to:
Stephen P. Fitzell, Esq.
Sidley Austin LLP
One South Dearborn Street
Chicago, Illinois 60603
(312) 853-7000 |
(Name, address, including zip code, and telephone number, including area code, of agent for service)
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Approximate date of commencement of proposed sale to the public:
From time to time after the Registration Statement becomes effective.
If the only securities being registered on this form are being offered pursuant to dividend or interest reinvestment plans, please check the following
box. o
If any of the securities being registered on this form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of
1933, other than securities offered only in connection with dividend or interest reinvestment plans, check the following box. ý
If this form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box
and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. o
If this form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act
registration statement number of the earlier effective registration statement for the same offering. o
If this Form is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing
with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box. o
If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.D. filed to register additional securities
or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box. o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the
definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.
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Large accelerated filer o |
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Accelerated filer ý |
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Non-accelerated filer o (Do not check if a
smaller reporting company) |
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Smaller reporting company o |
CALCULATION OF REGISTRATION FEE
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Title of each class of securities
to be registered(1)
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Amount to be
registered
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Proposed maximum
offering price per
share
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Proposed maximum
aggregate offering
price
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Amount of
registration fee
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Senior Debt Securities Subordinated Debt Securities |
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(2) |
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(2) |
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$500,000,000 |
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$58,100(3) |
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- (1)
- This
Registration Statement also covers (i) contracts which may be issued by the Registrant in connection with the issuance of Senior Debt Securities
or Subordinated Debt Securities, including contracts for the delayed delivery of such securities and (ii) such indeterminate amount of Senior Debt Securities or Subordinated Debt Securities
that may be remarketed under a remarketing arrangement. No additional consideration will be received by the registrant for any such contracts or remarketed securities.
- (2)
- As
permitted pursuant to Note 2 of Notes to the "Calculation of Registration Fee" Table of Form S-3, this information is omitted because the
filing fee is calculated pursuant to Rule 457(o) under the Securities Act of 1933. The number of units and proposed maximum offering price per unit will be determined from time to time by the
Registrant in connection with the issuance by the Registrant of the securities registered hereunder, provided that in no event will the aggregate offering price of the securities issued under this
Registration Statement exceed $500,000,000, or the equivalent thereof in one or more foreign or composite currencies. If any debt securities are issued at an original issue discount, then additional
debt securities may be issued so long as the aggregate initial offering price of all such debt securities, net of such original issue discount, together with the initial offering price of all other
securities registered and offered hereunder, does not exceed $500,000,000.
- (3)
- The
registration fee has been calculated in accordance with Regulation 457(o) under the Securities Act of 1933 based on the current statutory fee of
$116.20 per million. A filing fee of $68,200 was previously paid (including by offsetting fees from prior registration statements) by the Registrant in connection with Registration
No. 333-188971, which was initially filed on May 31, 2013, and was amended by Amendment No. 1 on August 30, 2013, relating to the registration of $500,000,000 of
securities. On December 8, 2014, the registrant issued $275,000,000 of such securities, leaving $225,000,000 unsold. Pursuant to Rule 457(p), the Registrant hereby offsets the previously
paid registration fees relating to such unsold securities against the total amount of the registration fee due for this Registration Statement. Accordingly, the Registrant hereby offsets $30,690 from
Registration No. 333-188971 against the registration fee of $58,100 due for this Registration Statement, and has paid the remaining difference of $27,410 by wire transfer prior to making this
filing. The unsold securities covered by Registration No. 333-188971 shall be deemed deregistered.
The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall
file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or
until the Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.
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$500,000,000
UNITED STATES CELLULAR CORPORATION
Senior Debt Securities
Subordinated Debt Securities
We may use this Prospectus from time to time to offer, on a continuous, delayed or periodic basis, senior and subordinated debt securities
consisting of debentures, notes, bonds and/or other evidences of indebtedness, which we refer to collectively as "debt securities." We may offer such debt securities in one or more series in amounts,
at prices and on terms to be determined at the time of sale. This Prospectus covers an indeterminate number of units of debt securities with a maximum aggregate initial offering price of U.S.
$500,000,000 or its equivalent in any other currency or units based on or relating to foreign currencies. The following information about offered debt securities will be set forth in a Prospectus
Supplement that will accompany this Prospectus: the specific designation, aggregate principal amount, subordination provisions, if any, currency denomination, maturity, interest ratewhich
may be fixed or variable, time of payment of interest, if any, any terms for redemption at our option or the holder's option, any terms for sinking fund payments, whether such securities are
exchangeable into other securities, the initial public offering price and any other terms of the debt securities and the offering.
The
debt securities are expected to be issued only in registered form. All or a portion of the debt securities of any series may be issued to a depository as a global security and may be
exchangeable for physical securities only under limited conditions.
We
may sell debt securities to or through underwriters or dealers, and also may sell debt securities to other purchasers directly or through agents. An accompanying Prospectus Supplement
will set forth the names of any underwriters, dealers or agents involved in the sale of the debt securities offered hereby, the principal amounts, if any, to be purchased by underwriters and the
compensation of such underwriters, dealers or agents.
Our
Common Shares are listed for trading on the New York Stock Exchange under the symbol "USM." In addition, certain of our debt is listed for trading on the New York Stock Exchange. The
relevant Prospectus Supplement will contain information, if applicable, as to whether the debt securities offered will be listed for trading on any securities exchange or other market.
Investing in our debt securities involves risk. See "Risk Factors" on page 7 of this Prospectus.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these
securities or has passed upon the adequacy or accuracy of this Prospectus. Any representation to the contrary is a criminal offense.
The date of this Prospectus is February 25, 2015
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FORWARD LOOKING STATEMENTS
This Prospectus and the documents incorporated by reference herein contain statements that are not based on historical facts and
represent "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), Section 21E of the Securities Exchange Act of
1934, as amended (the "Exchange Act"), and the rules of the Securities and Exchange Commission ("SEC"). All statements, other than statements of historical facts, are forward-looking statements. The
words "believes," "anticipates," "estimates," "expects," "plans," "intends," "projects" and similar expressions are intended to identify these forward-looking statements, but are not the exclusive
means of identifying them. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, events or developments to be significantly
different from any future results, events or developments expressed or implied by such forward-looking statements. Such risks, uncertainties and other factors include those set forth below and the
risks included or incorporated by reference under "Risk Factors." However, such factors are not necessarily all of the important factors that could cause actual results, performance or achievements to
differ materially from those expressed in, or implied by, the forward-looking statements contained in this Prospectus and the documents incorporated by reference herein. Other unknown or unpredictable
factors also could have material adverse effects on future results, performance or achievements. U.S. Cellular undertakes no obligation to update publicly any forward-looking statements whether as a
result of new information, future events or otherwise. You should carefully consider the Risk Factors included or incorporated by reference herein, the following
factors and other information contained in, or incorporated by reference into, this Prospectus to understand the material risks relating to U.S. Cellular's business.
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- Intense competition in the markets in which U.S. Cellular operates could adversely affect U.S. Cellular's revenues or increase its
costs to compete.
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- A failure by U.S. Cellular to successfully execute its business strategy (including planned acquisitions, divestitures and exchanges)
or allocate resources or capital could have an adverse effect on U.S. Cellular's business, financial condition or results of operations.
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- U.S. Cellular offers customers the option to purchase certain devices under installment contracts, which creates certain risks and
uncertainties which could have an adverse impact on U.S. Cellular's financial condition or results of operations.
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- Changes in roaming practices or other factors could cause U.S. Cellular's roaming revenues to decline from current levels and/or
impact U.S. Cellular's ability to service its customers in geographic areas where U.S. Cellular does not have its own network, which could have an adverse effect on U.S. Cellular's business, financial
condition or results of operations.
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- A failure by U.S. Cellular to obtain access to adequate radio spectrum to meet current or anticipated future needs and/or to
accurately predict future needs for radio spectrum could have an adverse effect on U.S. Cellular's business, financial condition or results of operations.
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- To the extent conducted by the Federal Communications Commission ("FCC"), U.S. Cellular is likely to participate in FCC auctions of
additional spectrum in the future as an applicant or as a noncontrolling partner in another auction applicant and, during certain periods, will be subject to the FCC's anti-collusion rules, which
could have an adverse effect on U.S. Cellular.
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- Changes in the regulatory environment or a failure by U.S. Cellular to timely or fully comply with any applicable regulatory
requirements could adversely affect U.S. Cellular's business, financial condition or results of operations.
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- An inability to attract people of outstanding potential, to develop their potential through education and assignments, and to retain
them by keeping them engaged, challenged and
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- The market price of U.S. Cellular's Common Shares is subject to fluctuations due to a variety of factors.
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- Changes in facts or circumstances, including new or additional information could require U.S. Cellular to record charges in excess of
amounts accrued in the financial statements, which could have an adverse effect on U.S. Cellular's business, financial condition or results of operations.
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- Disruption in credit or other financial markets, a deterioration of U.S. or global economic conditions or other events could, among
other things, impede U.S. Cellular's access to or increase the cost of financing its operating and investment activities and/or result in reduced revenues and lower operating income and cash flows,
which would have an adverse effect on U.S. Cellular's business, financial condition or results of operations.
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- Uncertainty of U.S. Cellular's ability to access capital, deterioration in the capital markets, other changes in market conditions,
changes in U.S. Cellular's credit ratings or other factors could limit or restrict the availability of financing on terms and prices acceptable to U.S. Cellular, which could require U.S. Cellular to
reduce its construction, development or acquisition programs.
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- Settlements, judgments, restraints on its current or future manner of doing business and/or legal costs resulting from pending and
future litigation could have an adverse effect on U.S. Cellular's business, financial condition or results of operations.
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- The possible development of adverse precedent in litigation or conclusions in professional studies to the effect that radio frequency
emissions from wireless devices and/or cell sites cause harmful health consequences, including cancer or tumors, or may interfere with various electronic medical devices such as pacemakers, could have
an adverse effect on U.S. Cellular's business, financial condition or results of operations.
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- Claims of infringement of intellectual property and proprietary rights of others, primarily involving patent infringement claims,
could prevent U.S. Cellular from using necessary technology to provide products or services or subject U.S. Cellular to expensive intellectual property litigation or monetary penalties, which could
have an adverse effect on U.S. Cellular's business, financial condition or results of operations.
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- There are potential conflicts of interests between TDS and U.S. Cellular.
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- Certain matters, such as control by TDS and provisions in the U.S. Cellular Restated Certificate of Incorporation, may serve to
discourage or make more difficult a change in control of U.S. Cellular.
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- Any of the foregoing events or other events could cause revenues, earnings, capital expenditures and/or any other financial or
statistical information to vary from U.S. Cellular's forward-looking estimates by a material amount.
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ABOUT THIS PROSPECTUS
We filed a Registration Statement on Form S-3 in order to register $500 million of senior and subordinated debt
securities that may be issued pursuant to this Prospectus. This Prospectus provides you with a general description of such debt securities. Additional information about offered debt securities will be
included in a Prospectus Supplement that will accompany this Prospectus.
As
allowed by SEC rules, this Prospectus does not contain all of the information which you can find in the Registration Statement. You are referred to the Registration Statement and the
exhibits thereto for further information. This document is qualified in its entirety by such other information. The Registration Statement can be read at the SEC web site or at the SEC offices
specified under the heading "Where You Can Find More Information" below.
As
used in this Prospectus, "U.S. Cellular," the "Company," "we," "us" and/or "our" refers to United States Cellular Corporation, unless the context requires otherwise. References to
"TDS" mean Telephone and Data Systems, Inc., U.S. Cellular's parent company.
You should rely only on the information contained or incorporated by reference in this Prospectus. We have not authorized anyone to provide you with information
that is different from what is contained in this Prospectus. You should not assume that the information contained in this Prospectus is accurate as of any date other than the date of such Prospectus,
and neither the mailing of this Prospectus to shareholders nor the issuance of any securities hereunder shall create any implication to the contrary. This Prospectus does not offer to buy or sell
securities in any jurisdiction where it is unlawful to do so.
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RISK FACTORS
Our business is subject to risks and uncertainties. You should carefully consider and evaluate all of the information included and
incorporated by reference in this Prospectus, including the risk factors incorporated by reference from Part I, Item 1A of our most recent Annual Report on Form 10-K, as may be
updated by Part II, Item 1A of our Quarterly Reports on Form 10-Q and other SEC filings filed after such Annual Report, which are incorporated by reference herein. See "Where You
Can Find More Information" below. It is possible that our business, financial condition, liquidity or results of operations could be materially adversely affected by any of such risks. The Prospectus
Supplement related to an offering may also include certain risks relating to that offering.
U.S. CELLULAR
As of December 31, 2014, U.S. Cellular's consolidated operating markets covered approximately 4.8 million customers in 23
states. U.S. Cellular operates on a customer
satisfaction strategy, striving to meet or exceed customer needs by providing a comprehensive range of wireless products and services, local and convenient points of distribution, excellent customer
support, and a high-quality network. U.S. Cellular's business development strategy is to obtain interests in and access to wireless licenses in its current operating markets and in areas adjacent to
or in close proximity to its other wireless licenses, thereby building contiguous operating market areas with strong spectrum positions. U.S. Cellular anticipates that grouping its operations into
market areas will continue to provide it with certain economies in its capital and operating costs. U.S. Cellular is a subsidiary of and is controlled by Telephone and Data Systems, Inc.
("TDS"). As of December 31, 2014, TDS owned 84% of U.S. Cellular's common stock. U.S. Cellular was incorporated in Delaware in 1983. U.S. Cellular has its principal executive offices at 8410
West Bryn Mawr, Chicago, Illinois 60631, and its telephone number is (773) 399-8900.
For
current selected financial information and other information about U.S. Cellular, see U.S. Cellular's Annual Report on Form 10-K for the most recent fiscal year, which
includes certain portions of U.S. Cellular's Annual Report to Shareholders, as incorporated by reference herein. See also our Quarterly Reports on Form 10-Q and other SEC filings filed after
such Annual Report, which are incorporated by reference herein. See "Where You Can Find More Information" below.
USE OF PROCEEDS
Unless otherwise indicated in an accompanying Prospectus Supplement, the net proceeds to be received by U.S. Cellular from the sale of
debt securities offered by this Prospectus will be used principally for general corporate purposes, including the possible reduction of other long-term debt; the repurchase of shares; in connection
with our acquisition, construction and development programs; for the reduction of short-term debt; for working capital; or to provide additional investments in our subsidiaries. Until the proceeds are
used for these purposes, we may deposit them in interest-bearing accounts or invest them in short-term investment securities.
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RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth our ratios of earnings to fixed charges for each of the years ended December 31, 2010 through
2014.
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Year Ended December 31, |
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2014
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2013 |
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2012 |
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2011 |
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2010 |
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2.98x |
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2.25x |
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3.16x |
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2.84x |
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- Earnings
for the year ended December 31, 2014 were inadequate to cover fixed charges by $78.0 million.
For
purposes of calculating this ratio, earnings consist of income from continuing operations before income taxes, fixed charges, distributions from unconsolidated investments and
amortization of capitalized interest, less equity in undistributed earnings of unconsolidated investments and noncontrolling interest in pretax income of subsidiaries that have not incurred fixed
charges. Fixed charges consist of interest expense, capitalized interest, amortization of deferred debt expenses and the estimated interest portion of rentals. Interest expense on income tax
contingencies is not included in fixed charges.
DESCRIPTION OF DEBT SECURITIES
We expect to issue the senior debt securities under the Indenture dated as of June 1, 2002 (the "Senior Indenture") between U.S.
Cellular and The Bank of New York Mellon Trust Company, N.A. (formerly known as The Bank of New York Trust Company, N.A., as successor to BNY Midwest Trust Company), as Trustee, which has been
incorporated by reference as an exhibit to the Registration Statement of which this Prospectus is a part. We expect to issue the subordinated debt securities under an Indenture, dated as of
September 16, 2013 (the "Subordinated Indenture" and, together with the Senior Indenture, the "Indentures"), between U.S. Cellular and The Bank of New York Mellon Trust Company, N.A., as
Trustee, which has been incorporated by reference as an exhibit to the Registration Statement of which this Prospectus is a part. The following is a summary of the material terms of the Senior
Indenture and the Subordinated Indenture.
The
statements contained in this Prospectus relating to the Indentures and the debt securities we may issue are summaries and are subject to, and are qualified in their entirety by
reference to, all provisions of the Indentures (including those terms made a part of the Indentures by reference to the Trust Indenture Act of 1939, as amended (the "Trust Indenture Act")) and the
other instruments defining the rights of holders of specific debt securities to be filed with the SEC at the time that such debt securities are issued. You should read the Indentures and such other
documents for information that may be important to you before you buy any debt securities.
General Terms of the Indentures
The debt securities that we may issue under the Indentures will be our direct obligations and may include debentures, notes, bonds and
other evidences of indebtedness.
The
Indentures do not limit the aggregate principal amount of debt securities, secured or unsecured, which we may issue under the Indentures or otherwise.
We
may issue debt securities under the Indentures from time to time in one or more series or tranches thereof, as authorized by a resolution of our board of directors and as set forth in
a company order or one or more supplemental indentures creating such series.
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Unless
otherwise indicated in the applicable Prospectus Supplement, the Indentures also permit us to increase the principal amount of any series of debt securities previously issued and
to issue such increased principal amount.
The
debt securities may be denominated and payable in foreign currencies or units based on or relating to foreign currencies.
We
will describe any special United States federal income tax considerations applicable to the debt securities in the Prospectus Supplement relating to those debt securities.
Senior
debt securities issued under the Senior Indenture are expected to be unsecured obligations of U.S. Cellular and to rank pari passu
with all other unsecured debt of U.S. Cellular. However, because U.S. Cellular is a holding company, the right of U.S. Cellular, and hence the right of the creditors of U.S. Cellular (including the
holders of senior debt securities), to participate in any distribution of the assets of any subsidiary upon its liquidation or reorganization or otherwise is necessarily subject to the prior claims of
creditors of such subsidiary, except to the extent that claims of U.S. Cellular as a creditor of such subsidiary may be recognized.
Subordinated
debt securities will be subordinated and junior in right of payment to the prior payment in full of all of the senior debt of U.S. Cellular, including the senior debt
securities. We will state in the applicable prospectus supplement relating to any subordinated debt securities the subordination terms of the securities as well as the aggregate amount of outstanding
indebtedness, as of the most recent practicable date, that by its terms would be senior to the subordinated debt securities.
In
addition, the ability of U.S. Cellular to make payments of principal and interest on the debt securities will be dependent upon the payment to it by its subsidiaries of dividends,
loans or advances.
There
are no restrictions in the Indentures against U.S. Cellular or its subsidiaries incurring secured or unsecured indebtedness or issuing secured or unsecured debt securities under
the Indentures or other indentures.
The
Indentures are subject to, and governed by, the Trust Indenture Act.
Designation of Terms of Securities
We will execute a company order and/or a supplemental indenture relating to a particular series of debt securities if and when we issue
any debt securities.
We
will describe the particular terms of each series of debt securities in a Prospectus Supplement relating to that series.
We
can issue these debt securities in one or more series with the same or various maturities, at par, at a premium, or at a discount.
We
will set forth in a Prospectus Supplement relating to any series of debt securities being offered, the aggregate principal amount and the following terms of the debt
securities:
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- the title and designation of such debt securities and series;
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- any limitations on the aggregate principal amount of the debt securities of any series;
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- whether the debt securities are to represent senior or subordinated indebtedness and, if subordinated debt securities, the specific
subordination provisions applicable thereto;
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- in the case of subordinated debt securities, the relative degree, if any, to which such subordinated debt securities of the series
will be senior to or be subordinated to other series of subordinated debt securities or other indebtedness U.S. Cellular in right of payment, whether such other series of subordinated debt securities
or other indebtedness is outstanding or not;
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- the stated maturity or maturities of such series;
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- the date or dates from which interest will accrue, the interest payment dates on which such interest will be payable or the manner of
determination of such interest payment dates and the record date for the determination of holders to whom interest is payable on any such interest payment date;
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- the interest rate or rates, which may be fixed or variable, or method of calculation of such rate or rates, for such series;
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- the terms, if any, regarding the redemption, purchase or repayment of such series;
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- whether or not the debt securities of such series will be issued in whole or in part in the form of a global security and, if so, the
depository for such global security and the related procedures with respect to transfer and exchange of such global security;
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- the form of the debt securities of such series;
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- the maximum annual interest rate, if any, of the debt securities permitted for such series;
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- whether the debt securities of such series shall be subject to periodic offering;
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- the currency or currencies, including composite currencies, in which payment of the principal of (and premium, if any) and interest on
the debt securities of such series will be payable, if other than dollars;
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- any other information necessary to complete the debt securities of such series;
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- the establishment of any office or agency at which the principal of and interest, if any, on debt securities of that series will be
payable;
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- if other than denominations of $1,000 or any integral multiple thereof, the denominations in which the debt securities of the series
will be issuable;
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- the obligations or instruments, if any, which may be eligible for use in defeasance of any debt securities in respect of the debt
securities of a series denominated in a currency other than dollars or in a composite currency;
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- whether or not the debt securities of such series will be issued as original issue discount securities and the terms thereof,
including the portion of the principal amount thereof which will be payable upon declaration of acceleration of the maturity;
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- whether the principal of and premium, if any, or interest, if any, on such debt securities is payable, at the election of U.S.
Cellular or the holder thereof, in coin or currency, including composite currencies, other than that in which the debt securities are stated to be payable;
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- whether the amount of payment of principal of and premium, if any, or interest, if any, on such debt securities may be determined with
reference to an index, formula or other method, or based on a coin or currency other than that in which the debt securities are stated to be payable;
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- any addition to, or modification or deletion of, any covenants or terms to the applicable Indenture, including events of default with
respect to the debt securities of the series;
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- the terms and conditions, if any, pursuant to which the debt securities of the series are secured;
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- whether the debt securities of the series will be exchangeable into other securities and, if so, the terms and conditions upon which
such securities will be exchangeable; and
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- any other terms of such series not inconsistent with the applicable Indenture.
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We
may issue debt securities at a discount below their stated principal amount and provide for less than the entire principal amount of the debt securities to be payable upon declaration
of acceleration of maturity. In that event, we will describe any material federal income tax considerations and other material considerations in the applicable Prospectus Supplement.
Form, Exchange, Registration and Transfer
Debt securities in definitive form will be issued as registered securities without coupons in denominations of $1,000, unless otherwise
specified in an accompanying Prospectus Supplement, and will be authenticated by the Trustee.
You
may present debt securities for registration of transfer, with the form of transfer endorsed thereon duly executed, or exchange, at the office of the security registrar, without
service charge and upon payment of any taxes and other governmental charges.
Such
transfer or exchange will be effected upon U.S. Cellular or the security registrar being satisfied with the documents of title and identity of the person making the request.
It
is expected that the security register will be maintained by the Trustee at its offices in New York, New York.
We
may change the securities registrar and the place for registration of transfer and exchange of the debt securities and may designate one or more additional places for such
registration and exchange.
We
will not be required to:
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- issue, register the transfer of or exchange any debt security during a period beginning at the opening of business 15 days
before the day of the mailing of a notice of redemption of less than all the outstanding debt securities and ending at the close of business on the day of such mailing, or
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- register the transfer of or exchange any debt securities or portions thereof called for redemption in whole or in part.
Payment and Paying Agents
You will receive payment of principal of and premium, if any, on any debt security only against surrender by you to the paying agent of
such debt security.
Principal
of and any premium and interest on any debt security will be payable at the office of such paying agent or paying agents as we may designate from time to time.
It
is expected that the Trustee will act as paying agent with respect to debt securities. We may at any time designate additional paying agents or rescind the designation of any paying
agents or approve a change in the office through which any paying agent acts.
All
moneys paid by us to a paying agent for the payment of the principal of and premium, if any, or interest, if any, on any debt securities that remain unclaimed at the end of two years
after such principal, premium, if any, or interest will have become due and payable, subject to applicable law, will be repaid to us and the holder of such debt security will thereafter look only to
us for payment thereof.
Book-Entry Debt Securities
Except under the circumstances described below, the debt securities may be issued in whole or in part in the form of one or more global
debt securities that will be deposited with, or on behalf of, a depository as we may designate and registered in the name of a nominee of such depository.
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It
is expected that The Depository Trust Company will be the designated depository. Information about the designated depository will be set forth in the Prospectus Supplement.
Book-entry
debt securities represented by a global security will not be exchangeable for certificated notes and, except as set forth below or in the Prospectus Supplement, will not
otherwise be issuable as certificated notes. Except as set forth below or in the Prospectus Supplement, owners of beneficial interests in a global security will not be entitled to have any of the
individual book-entry debt securities represented by a global security registered in their names, will not receive or be entitled to receive physical delivery of any such book-entry security and will
not be considered the owners thereof under the applicable Indenture, including, without limitation, for purposes of consenting to any amendment thereof or supplement thereto.
So
long as the depository, or its nominee, is the registered owner of a global security, such depository or such nominee, as the case may be, will be considered the sole owner of the
individual book-entry debt securities represented by such global security for all purposes under the applicable Indenture.
None
of U.S. Cellular, the Trustee nor any agent for payment on or registration of transfer or exchange of any global security will have any responsibility or liability for any aspect of
the depository's records relating to or payments made on account of beneficial interests in such global security or for maintaining, supervising or reviewing any records relating to such beneficial
interests.
Payments
of principal of and premium, if any, and any interest on individual book-entry debt securities represented by a global security will be made to the depository or its nominee, as
the case may be, as the owner of such global security.
If
the designated depository is at any time unwilling or unable to continue as depository and a successor depository is not appointed, we will issue individual certificated notes in
exchange for the global note representing the corresponding book-entry debt securities.
In
addition, we may at any time and in our sole discretion determine not to have any debt securities represented by the global security and, in such event, will issue individual
certificated notes in exchange for the global security representing the corresponding book-entry debt securities. In any such instance, an owner of a book-entry security represented by a global
security will be entitled to physical delivery of individual certificated notes equal in principal amount to such book-entry security and to have such certificated notes registered in his or her name.
Modification of the Indentures
With the Consent of Securityholders. The Indentures contain provisions permitting U.S. Cellular and the Trustee, with the consent of
the holders of
not less than a majority in aggregate principal amount of debt securities of each series that are affected by the modification, to modify such Indenture or any supplemental indenture affecting that
series or the rights of the holders of that series of debt securities. However, no such modification, without the consent of the holder of each outstanding security affected thereby,
may:
-
- extend the fixed maturity of any debt securities of any series;
-
- reduce the principal amount of any debt securities of any series;
-
- reduce the rate or extend the time of payment of interest on any debt securities of any series;
-
- reduce any premium payable upon the redemption of any debt securities of any series;
-
- reduce the amount of the principal of a discount security that would be due and payable upon a declaration of acceleration of the
maturity of any debt securities of any series;
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-
- reduce the percentage of holders of aggregate principal amount of debt securities which are required to consent to any such
supplemental indenture; or
-
- reduce the percentage of holders of aggregate principal amount of debt securities which are required to waive any default and its
consequences.
Without the Consent of Securityholders. In addition, U.S. Cellular and the Trustee may execute, without the consent of any holder of
debt securities,
any supplement to an Indenture for certain other usual purposes, including:
-
- to evidence the succession of another person to U.S. Cellular or a successor to U.S. Cellular, and the assumption by any such
successor of the covenants of U.S. Cellular contained in such Indenture or otherwise established with respect to the debt securities;
-
- to add to the covenants of U.S. Cellular further covenants, restrictions, conditions or provisions for the protection of the holders
of the debt securities of all or any series, and to make the occurrence, or the occurrence and continuance, of a default in any of such additional covenants, restrictions, conditions or provisions a
default or an Event of Default with respect to such series permitting the enforcement of all or any of the several remedies provided in such Indenture;
-
- to cure any ambiguity or to correct or supplement any provision contained in such Indenture or in any supplemental indenture which may
be defective or inconsistent with any other provision contained in such Indenture or in any supplemental indenture, or to make such other provisions in regard to matters or questions arising under
such Indenture as are not inconsistent with the provisions of such Indenture and will not adversely affect the rights of the holders of the Securities of any series which are outstanding in any
material respect;
-
- to change or eliminate any of the provisions of such Indenture or to add any new provision to such Indenture, except that such change,
elimination or addition will become effective only as to debt securities issued pursuant to or subsequent to such supplemental indenture unless such change, elimination or addition does not adversely
affect the rights of any securityholder of outstanding debt securities in any material respect;
-
- to establish the form or terms of debt securities of any series as permitted by such Indenture;
-
- to add any additional Events of Default with respect to all or any series of outstanding debt securities;
-
- to add guarantees with respect to debt securities or to release a guarantor from guarantees in accordance with the terms of the
applicable series of debt securities;
-
- to secure a series of debt securities by conveying, assigning, pledging or mortgaging property or assets to the Trustee as collateral
security for such series of debt securities;
-
- to provide for uncertificated debt securities in addition to or in place of certificated debt securities;
-
- to provide for the authentication and delivery of bearer debt securities and coupons representing interest, if any, on such debt
securities, and for the procedures for the registration, exchange and replacement of such debt securities, and for the giving of notice to, and the solicitation of the vote or consent of, the holders
of such debt securities, and for any other matters incidental thereto;
-
- to evidence and provide for the acceptance of appointment by a separate or successor Trustee with respect to the debt securities and
to add to or change any of the provisions of such Indenture as may be necessary to provide for or facilitate the administration of the trusts by more than one Trustee;
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-
- to change any place or places where
-
- the principal of and premium, if any, and interest, if any, on all or any series of debt securities will be payable,
-
- all or any series of debt securities may be surrendered for registration of transfer,
-
- all or any series of debt securities may be surrendered for exchange, and
-
- notices and demands to or upon U.S. Cellular in respect of all or any series of debt securities and such Indenture may be
served, which must be located in New York, New York or be the principal office of U.S. Cellular;
-
- to provide for the payment by U.S. Cellular of additional amounts in respect of certain taxes imposed on certain holders and for the
treatment of such additional amounts as interest and for all matters incidental thereto;
-
- to provide for the issuance of debt securities denominated in a currency other than dollars or in a composite currency and for all
matters incidental thereto; or
-
- to comply with any requirements of the SEC or the Trust Indenture Act.
Covenants
Except as may be set forth in a Prospectus Supplement relating to a series of debt securities, the Indentures do not include any
covenants restricting or providing any additional rights to holders of debt securities in the event of a merger or similar transaction involving U.S. Cellular or the granting of security interests or
a sale and leaseback transaction by U.S. Cellular.
Events of Default
The Indentures provide that any one or more of the following described events, which has occurred and is continuing, constitutes an
"Event of Default" with respect to each series of debt securities issued pursuant to such Indenture:
-
- failure for 30 days to pay interest on debt securities of that series when due and payable; or
-
- failure for three business days to pay principal or premium, if any, on debt securities of that series when due and payable whether at
maturity, upon redemption, pursuant to any sinking fund obligation, by declaration or otherwise; or
-
- failure by U.S. Cellular to observe or perform any other covenant (other than those specifically relating to another series) contained
in such Indenture for 90 days after written notice to U.S. Cellular from the Trustee or the holders of at least 33% in principal amount of the outstanding debt securities of that series; or
-
- certain events involving bankruptcy, insolvency or reorganization of U.S. Cellular; or
-
- any other event of default provided for in a series of debt securities.
Except
as may otherwise be set forth in a Prospectus Supplement, the Trustee or the holders of not less than 33% in aggregate outstanding principal amount of any particular series of
debt securities may declare the principal due and payable immediately upon an Event of Default with respect to such series. Holders of a majority in aggregate outstanding principal amount of such
series may annul any such declaration and waive the default with respect to such series if the default has been cured and a sum sufficient to pay all matured installments of interest and principal
otherwise than by acceleration and any premium has been deposited with the Trustee.
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The
holders of a majority in aggregate outstanding principal amount of any series of debt securities have the right to direct the time, method and place of conducting any proceeding for
any remedy available to the Trustee for that series.
Subject
to the provisions of the applicable Indenture relating to the duties of the Trustee in case an Event of Default will occur and be continuing, the Trustee will be under no
obligation to exercise any of its rights or powers under such Indenture at the request or direction of any of the holders of the debt securities, unless such holders will have offered to the Trustee
indemnity satisfactory to it.
The
holders of a majority in aggregate outstanding principal amount of any series of debt securities affected thereby may, on behalf of the holders of all debt securities of such series,
waive any past default, except as discussed in the following paragraph.
The
holders of a majority in aggregate outstanding principal amount of any series of debt securities affected thereby may not waive a default in the payment of principal, premium, if
any, or interest when due otherwise than by
-
- acceleration, unless such default has been cured and a sum sufficient to pay all matured installments of interest and principal
otherwise than by acceleration and any premium has been deposited with the Trustee; or
-
- a call for redemption or any series of debt securities.
We
are required to file annually with the Trustee a certificate as to whether or not we are in compliance with all the conditions and covenants under the Indentures.
Consolidation, Merger and Sale
The Indentures do not contain any covenant that restricts our ability to merge or consolidate with or into any other corporation, sell
or convey all or substantially all of our assets to any person, firm or corporation or otherwise engage in restructuring transactions.
The
successor corporation must assume due and punctual payment of principal or premium, if any, and interest on the debt securities.
Defeasance
Debt securities of any series may be defeased in accordance with their terms and, unless the supplemental indenture or company order
establishing the terms of such series otherwise provides, as set forth below.
We
at any time may terminate as to a series our obligations with respect to the debt securities of that series under any restrictive covenant which may be applicable to that particular
series, commonly known as "covenant defeasance." All of our other obligations would continue to be applicable to such series.
We
at any time may also terminate as to a series substantially all of our obligations with respect to the debt securities of such series and the applicable Indenture, commonly known as
"legal defeasance." However, in legal defeasance, certain of our obligations would not be terminated, including our obligations with respect to the defeasance trust and obligations to register the
transfer or exchange of a security, to replace destroyed, lost or stolen debt securities and to maintain agencies in respect of the debt securities.
We
may exercise our legal defeasance option notwithstanding our prior exercise of any covenant defeasance option.
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If
we exercise a defeasance option, the particular series will not be accelerated because of an event that, prior to such defeasance, would have constituted an Event of Default.
To
exercise either of our defeasance options as to a series, we must irrevocably deposit in trust with the Trustee or any paying agent money, certain eligible obligations as specified in
the applicable Indenture, or a combination thereof, in an amount sufficient to pay when due the principal of and premium, if any, and interest, if any, due and to become due on the debt securities of
such series that are outstanding.
Such
defeasance or discharge may occur only if, among other things, we have delivered to the Trustee an opinion of counsel stating
that:
-
- the holders of such debt securities will not recognize gain, loss or income for federal income tax purposes as a result of the
satisfaction and discharge of the applicable Indenture with respect to such series, and
-
- that such holders will realize gain, loss or income on such debt securities, including payments of interest thereon, in the same
amounts and in the same manner and at the same time as would have been the case if such satisfaction and discharge had not occurred.
The
amount of money and eligible obligations on deposit with the Trustee may not be sufficient to pay amounts due on the debt securities of that series at the time of an acceleration
resulting from an Event of Default if:
-
- we exercise our option to effect a covenant defeasance with respect to the debt securities of any series, and
-
- the debt securities of that series are thereafter declared due and payable because of the occurrence of any Event of Default that
results from an event, act or condition which does not arise from any covenant that has been defeased.
In
such event, we would remain liable for such payments.
Governing Law
The Senior Indenture and the senior debt securities issued thereunder will be governed by the laws of the State of Illinois.
The
Subordinated Indenture and the subordinated debt securities issued thereunder will be governed by the laws of the State of New York.
Concerning the Trustee
The Bank of New York Mellon Trust Company, N.A. (formerly known as The Bank of New York Trust Company, N.A., as successor to BNY
Midwest Trust Company), the trustee under the Indentures, is an affiliate of The Bank of New York Mellon Corporation, which is one of a number of financial services organizations with which TDS, U.S.
Cellular and their subsidiaries maintain ordinary banking and other financial relationships including, in certain cases, credit facilities. In connection therewith, we utilize or may utilize some of
the banking and other services offered by The Bank of New York Mellon Corporation or its affiliates, including The Bank of New York Mellon Trust Company, N.A., in the normal course of business,
including securities custody services.
The
Bank of New York Mellon Trust Company, N.A. (formerly known as The Bank of New York Trust Company, N.A., as successor to BNY Midwest Trust Company) is Trustee with respect to U.S.
Cellular's 6.95% Senior Notes due 2060, 6.70% Senior Notes due 2033 and 7.25% Senior Notes due 2063 that were issued under the Senior Indenture.
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PLAN OF DISTRIBUTION
We may sell debt securities being offered hereby:
-
- directly to purchasers,
-
- through agents,
-
- through underwriters, and
-
- through dealers.
The
distribution of the debt securities may be effected from time to time in one or more transactions at a fixed price or prices, which may be changed, at market prices prevailing at the
time of sale, at prices related to such prevailing market prices or at negotiated prices.
Directly to Purchasers
Offers to purchase debt securities may be solicited directly by U.S. Cellular and sales thereof may be made by U.S. Cellular directly
to institutional investors or others. The terms of any such sales will be described in the Prospectus Supplement relating thereto. Any purchasers of such debt securities may be deemed to be
underwriters within the meaning of the Securities Act with respect to any resale of those debt securities.
Agents
Offers to purchase debt securities may be solicited by agents designated by U.S. Cellular from time to time. Any such agent involved in
the offer or sale of the debt securities in respect of which this Prospectus is delivered will be named, and any commissions payable by U.S. Cellular to such agent will be set forth, in the Prospectus
Supplement. Unless otherwise indicated in the Prospectus Supplement, any such agent will be acting on a best efforts basis for the period of its appointment. Any agent may be deemed to be an
underwriter, as that term is defined in the Securities Act, of the debt securities so offered and sold.
Underwriters
If underwriters are utilized in the sale, U.S. Cellular will execute an underwriting agreement with such underwriters at the time of
sale to them and the names of the underwriters and the terms of the transaction will be set forth in the Prospectus Supplement, which will be used by the underwriters to make resales of the debt
securities in respect of which this Prospectus is delivered to the public. Any underwriters will acquire debt securities for their own account and may resell such debt securities from time to time in
one or more transactions, including negotiated transactions, at fixed public offering prices or at varying prices determined at the time of sale. Debt securities may be offered to the public either
through underwriting syndicates represented by managing underwriters, or directly by the managing underwriters. Only underwriters named in the Prospectus Supplement are deemed to be underwriters in
connection with the debt securities offered thereby. If any underwriters are utilized in the sale of the debt securities, the underwriting agreement will provide that the obligations of the
underwriters are subject to certain conditions precedent and that the underwriters with respect to a sale of debt securities will be obligated to purchase all such debt securities, if any are
purchased.
Dealers
If a dealer is utilized in the sale of the debt securities in respect of which this Prospectus is delivered, U.S. Cellular will sell
such debt securities to the dealer, as principal. The dealer may then resell such debt securities to the public at varying prices to be determined by such dealer at the time of resale. The name of the
dealer and the terms of the transaction will be set forth in the Prospectus
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Supplement
relating to those offers and sales. Any such dealer may be deemed to be an underwriter, as such term is defined in the Securities Act, of the debt securities so offered and sold.
Delayed Delivery Contracts
If so indicated in the Prospectus Supplement, U.S. Cellular will authorize agents and underwriters to solicit offers by certain
institutions to purchase debt securities from U.S. Cellular at the public offering price set forth in the Prospectus Supplement pursuant to delayed delivery contracts providing for payment and
delivery on the date stated in the Prospectus Supplement.
Each
delayed delivery contract will be for an amount not less than, and unless U.S. Cellular otherwise agrees the aggregate principal amount of debt securities sold pursuant to delayed
delivery contracts shall be not less nor more than, the respective amounts stated in the Prospectus Supplement. Institutions with whom delayed delivery contracts, when authorized, may be made include
commercial and savings banks, insurance companies, pension funds, investment companies, educational and charitable institutions and other institutions, but shall in all cases be subject to the
approval of U.S. Cellular.
Delayed
delivery contracts will not be subject to any conditions except that the purchase by an institution of the debt securities covered by its contract shall not at the time of
delivery be prohibited under the laws of any jurisdiction in the United States to which such institution is subject.
A
commission indicated in the Prospectus Supplement will be paid to underwriters and agents soliciting purchases of debt securities pursuant to delayed delivery contracts accepted by
U.S. Cellular.
Remarketing
Debt securities may also be offered and sold, if so indicated in the related Prospectus Supplement, in connection with a remarketing
upon their purchase, in accordance with a redemption or repayment in connection with their terms, or otherwise, by one or more firms ("remarketing firms"), acting as principals for their own accounts
or as agents for us and/or any selling shareholders. Any remarketing firm will be identified and the terms of its agreement, if any, with us and its compensation will be described in the related
Prospectus Supplement. Remarketing firms may be deemed to be underwriters, as that term is defined in the Securities Act, in connection with the debt securities remarketed by them.
General Information
Each series of debt securities will be a new issue and may have no established trading market. Unless otherwise specified in a related
Prospectus Supplement, we will not be obligated to take any action to list any series of debt securities on an exchange or to otherwise facilitate a trading market for such debt securities. We cannot
assure you that there will be any liquidity in the trading market for any of the debt securities. Agents, underwriters, dealers and remarketing firms may be customers of, engage in transactions with,
or perform services for, us, our subsidiaries and/or any selling shareholders in the ordinary course of their businesses. The place, time of delivery and other terms of the sale of the offered debt
securities will be described in the applicable Prospectus Supplement. In order to comply with the securities laws of some states, if applicable, the debt securities offered hereby will be sold in
those jurisdictions only through registered or licensed brokers or dealers.
In
addition, in some states securities may not be sold unless they have been registered or qualified for sale in the applicable state or an exemption from the registration or
qualification requirement is available and complied with. Any underwriter may engage in over-allotment, stabilizing transactions, short-covering transactions and penalty bids in accordance with
Regulation M under the Exchange Act. Over-allotment involves sales in excess of the offering size, which create a short position. Stabilizing transactions permit bids to purchase the underlying
security so long as the stabilizing bids do not
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exceed
a specified maximum. Short-covering transactions involve purchases of the debt securities in the open market after the distribution is completed to cover short positions. Penalty bids permit
the underwriters to reclaim a selling concession from a dealer when the debt securities originally sold by the dealer are purchased in a covering transaction to cover short positions. Those activities
may cause the price of the debt securities to be higher than it would otherwise be. If commenced, the underwriters may discontinue any of the activities at any time.
Agents,
underwriters and dealers may be entitled under agreements entered into with U.S. Cellular to indemnification by U.S. Cellular against certain civil liabilities, including
liabilities under the Securities Act, or to contribution with respect to payments which the agents, underwriters or dealers may be required to make in respect thereof. In addition, directors, officers
and controlling persons of U.S. Cellular are entitled under the U.S. Cellular charter and bylaws and Delaware law to indemnification for civil liabilities, including liabilities under the Securities
Act.
LEGAL MATTERS
U.S. Cellular is controlled by TDS. The validity of the debt securities offered hereby will be passed upon for U.S. Cellular by the law
firm of Sidley Austin LLP, Chicago, Illinois. The following persons are members of such firm: Walter C.D. Carlson, a trustee and beneficiary of a voting trust that controls TDS, the
non-executive chairman of the board and member of the board of directors of TDS and a director of U.S. Cellular; William S. DeCarlo, the General Counsel of TDS and an Assistant Secretary of TDS and
certain subsidiaries of TDS; and Stephen P. Fitzell, the General Counsel and/or an Assistant Secretary of U.S. Cellular and certain other subsidiaries of TDS. Walter C.D. Carlson does not perform any
legal services for TDS, U.S. Cellular or their subsidiaries.
EXPERTS
The financial statements and management's assessment of the effectiveness of internal control over financial reporting (which is
included in Management's Report on Internal Control over Financial Reporting) incorporated in this Prospectus by reference to the Annual Report on Form 10-K of United States Cellular
Corporation for the year ended December 31, 2014, have been so incorporated in reliance on the report, except as they relate to the Los Angeles SMSA Limited Partnership, of
PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.
The
financial statements of Los Angeles SMSA Limited Partnership at December 31, 2014 and for the year then ended incorporated by reference in the United States Cellular
Corporation's Annual Report on Form 10-K for the year ended December 31, 2014 have been audited by Ernst & Young LLP, independent registered public accounting firm, as set
forth in their report thereon, included therein, and incorporated herein by reference. Such financial statements are incorporated herein by reference in reliance upon such report given on the
authority of such firm as experts in accounting and auditing.
The
financial statements of Los Angeles SMSA Limited Partnership incorporated in this Prospectus of United States Cellular Corporation (the "Company") by reference from the
Company's Annual Report on Form 10-K for the year ended December 31, 2014 have been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as
stated in their report, which is incorporated herein by reference. Such financial statements have been so incorporated in reliance upon the report of such firm given upon their authority as experts in
accounting and auditing.
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WHERE YOU CAN FIND MORE INFORMATION
We file reports, proxy statements and other information with the SEC. You may inspect and copy such reports, proxy statements and other
information at the public reference facilities maintained by the SEC at the SEC's Public Reference Room, 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for
further information. Such materials also may be accessed electronically by means of the SEC's web site at http://www.sec.gov or on U.S. Cellular's website at http://www.uscellular.com.
You
also may obtain information about us from the New York Stock Exchange. Our Common Shares are listed for trading on the New York Stock Exchange under the symbol "USM." In addition,
our 6.95% Senior Notes due 2060 are listed on the New York Stock Exchange under the symbol "UZA" and our 7.25% Senior Notes due 2063 are listed on the New York Stock Exchange under the symbol "UZB."
The offices of the New York Stock Exchange, Inc. are located at 11 Wall Street, New York, New York, 10005.
The
SEC allows us to "incorporate by reference" information into this Prospectus, which means that we can disclose important information to you by referring you to another document filed
separately with the SEC. The information incorporated by reference is deemed to be part of this Prospectus, except for any information superseded by information in this Prospectus.
This
Prospectus incorporates by reference the documents set forth below that have been filed previously with the SEC. These documents contain important information about our business and
finances.
- 1.
- U.S.
Cellular's Annual Report on Form 10-K for the year ended December 31, 2014.
- 2.
- U.S.
Cellular's Current Reports on Form 8-K filed since December 31, 2014, including Forms 8-K or amendments thereof filed
January 23, 2015, February 2, 2015, February 10, 2015 and February 25, 2015 (Item 8.01 only), provided that any information in any Form 8-K that is not deemed
to be "filed" pursuant to Item 2.02 or 7.01 shall not be incorporated by reference herein.
- 4.
- All
other reports filed by U.S. Cellular pursuant to Section 13(a) and 15(d) of the Exchange Act since December 31, 2014.
This
Prospectus also incorporates by reference additional documents that may be filed by us with the SEC pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act between
the date of this Prospectus and the date our offering is completed or terminated (other than information in such filings that was "furnished" under applicable SEC rules, rather than "filed").
You may obtain copies of such documents which are incorporated by reference in this Prospectus (other than exhibits thereto that are not specifically incorporated
by reference herein), without charge, upon written or oral request to Investor Relations, Telephone and Data Systems, Inc., 30 North LaSalle Street, Suite 4000, Chicago, Illinois 60602,
telephone (312) 630-1900. In order to ensure delivery of documents, any request therefor should be made not later than five business days prior to making an investment
decision.
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PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
Item 14. Other Expenses of Issuance and Distribution
The estimated fees and expenses to be incurred in connection with the registration, issuance and distribution of the debt securities
being registered are:
|
|
|
|
|
Securities and Exchange Commission Registration Fee |
|
$ |
58,100 |
|
Printer Expenses |
|
|
15,000 |
|
Legal Fees and Expenses |
|
|
65,000 |
|
Accounting Fees and Expenses |
|
|
52,000 |
|
Miscellaneous |
|
|
4,900 |
|
|
|
|
|
|
Total |
|
$ |
195,000 |
|
|
|
|
|
|
The
above represents the fees and expenses estimated to be incurred in connection with the registration of debt securities pursuant to this Registration Statement. The actual amounts of fees and
expenses related to an unknown number of takedowns of debt securities registered hereby cannot be determined at this time. An estimate of the expenses associated with the sale and distribution of the
debt securities will be included in the applicable Prospectus Supplement.
Item 15. Indemnification of Directors and Officers
The Registrant's Restated Certificate of Incorporation contains a provision providing that no director or officer of the Registrant
shall be personally liable to the Registrant or its stockholders for monetary damages for breach of fiduciary duty as a director or officer except for breach of the director's or officer's duty of
loyalty to the Registrant or its stockholders, acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, unlawful payment of dividends, unlawful stock
redemptions or repurchases and transactions from which the director or officer derived an improper personal benefit.
The
Restated Certificate of Incorporation also provides that the Registrant shall indemnify directors and officers of the Registrant, its consolidated subsidiaries and certain other
related entities generally in the same manner and to the extent permitted by the Delaware General Corporation Law.
Under
the Delaware General Corporation Law, directors and officers, as well as other employees or persons, may be indemnified against judgments, fines and amounts paid in settlement in
connection with specified actions, suits or proceedings, whether civil, criminal, administrative or investigative (other than an action by or in the right of the corporationa "derivative
action"), and against expenses (including attorney's fees) in any action (including a derivative action), if they acted in good faith and in a manner they reasonably believed to be in or not opposed
to the best interests of the corporation and, with respect to any criminal action or proceeding, had no reasonable cause to believe their conduct was unlawful. However, in the case of a derivative
action, a person cannot be indemnified for expenses in respect of any matter as to which the person is adjudged to be liable to the corporation unless and to the extent a court determines that such
person is fairly and reasonably entitled to indemnity for such expenses.
Delaware
law also provides that, to the extent a director, officer, employee or agent of a corporation has been successful on the merits or otherwise in defense of any action or matter,
the corporation must indemnify such party against expenses (including attorneys' fees) actually and reasonably incurred by such party in connection therewith.
Expenses
incurred by a director or officer in defending any action may be paid by a Delaware corporation in advance of the final disposition of the action upon receipt of an undertaking
by or on
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behalf
of such director or officer to repay such amount if it is ultimately determined that such party is not entitled to be indemnified by the corporation.
The
Delaware General Corporation Law provides that the indemnification and advancement of expenses provided thereby are not exclusive of any other rights granted by bylaws, agreements or
otherwise, and provides that a corporation shall have the power to purchase and maintain insurance on behalf of any person, whether or not the corporation would have the power to indemnify such person
under Delaware law.
The
Registrant has directors' and officers' liability insurance which provides, subject to certain policy limits, deductible amounts and exclusions, coverage for all persons who have
been, are or may in the future be, directors or officers of the Registrant, against amounts which such persons must pay resulting from claims against them by reason of their being such directors or
officers during the policy period for certain breaches of duty, omissions or other acts done or wrongfully attempted or alleged.
Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or controlling persons of the Registrant pursuant to the foregoing
provisions, or otherwise, the Registrant has been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling
person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered,
the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification
by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
Item 16. Exhibits
|
|
|
|
Exhibit No. |
|
Description of Document |
|
1.1 |
|
Form of Underwriting Agreement(1) |
|
1.2 |
|
Form of Selling Agency Agreement(1) |
|
4.1 |
|
Senior Indenture between U.S. Cellular and The Bank of New York Mellon Trust Company, N.A. (formerly known as The Bank of New York Trust Company, N.A.), as successor to BNY Midwest Trust Company, dated as of
June 1, 2002, is hereby incorporated by reference from Exhibit 4.1 to U.S. Cellular's Registration on Form S-3 (Registration No. 333-188971), filed on May 31, 2014 |
|
4.2 |
|
Form of Subordinated Indenture between U.S. Cellular and The Bank of New York Mellon Trust Company, N.A., dated as of September 16, 2013, is hereby incorporated by reference from Exhibit 4.1 to U.S.
Cellular's Current Report on Form 8-K filed on September 20, 2013 |
|
4.3 |
|
Form of Senior Debt Security(1) |
|
4.4 |
|
Form of Subordinated Debt Security(1) |
|
4.5 |
|
Other instruments defining the rights of security-holders(1) |
|
5 |
|
Opinion of Sidley Austin LLP |
|
12 |
|
Statements regarding computation of ratios for the years ended December 31, 2014, 2013. 2012, 2011 and 2010, are hereby incorporated by reference from Exhibit 12 to the Company's Annual Report on
Form 10-K for the year ended December 31, 2014 |
II-2
Table of Contents
|
|
|
|
Exhibit No. |
|
Description of Document |
|
23.1 |
|
Consent of Independent Registered Public Accounting FirmPricewaterhouseCoopers LLP |
|
23.2 |
|
Consent of Independent Registered Public Accounting FirmDeloitte & Touche LLP |
|
23.3 |
|
Consent of Independent Registered Public Accounting FirmErnst & Young LLP |
|
23.4 |
|
Consent of Sidley Austin LLP (included in Exhibit 5 above) |
|
24 |
|
Powers of Attorney for certain officers and directors (included on signature page) |
|
25.1 |
|
Form T-1 Statement of Eligibility under the Trust Indenture Act of 1939 of The Bank of New York Mellon Trust Company, N.A. (formerly known as The Bank of New York Trust Company, N.A.),as successor to BNY Midwest
Trust Company, relating to the Senior Debt Indenture dated as of June 1, 2002 |
|
25.2 |
|
Form T-1 Statement of Eligibility under the Trust Indenture Act of 1939 of The Bank of New York Mellon Trust Company, N.A., relating to the Subordinated Debt Indenture, dated as of September 16,
2013 |
- (1)
- To
be filed by post-effective amendment or under cover of Forms 8-K, 10-K or 10-Q prior to the offer or sale of any debt securities hereunder, if
applicable.
Item 17. Undertakings
- (a)
- The
undersigned Registrant hereby undertakes:
- (1)
- To
file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:
- (i)
- to
include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;
- (ii)
- to
reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or
decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated
maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20%
change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and
- (iii)
- to
include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change
to such information in the registration statement;
provided, however, that paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) above do not apply if the information required to be included in a
post-effective amendment by those paragraphs is contained in reports filed with or furnished to the SEC by the registrant pursuant to Section 13 or Section 15(d) of the Securities
Exchange Act of 1934 that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration
statement.
- (2)
- That,
for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new
registration statement relating to the
II-3
Table of Contents
II-4
Table of Contents
- (b)
- The
undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the
registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan's annual
report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement
relating to the securities offered herein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
- (c)
- Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the
registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Act and
is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or
controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being
registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.
- (d)
- The
undersigned registrant hereby undertakes to file an application for the purpose of determining the eligibility of the trustee to act under
subsection (a) of Section 310 of the Trust Indenture Act of 1939, as amended, in accordance with the rules and regulations prescribed by the SEC under Section 305(b)(2) of such
Act.
II-5
Table of Contents
SIGNATURES
Pursuant to requirements of the Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe
that it meets all of the requirements for filing on Form S-3 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the
City of Chicago, State of Illinois on February 25, 2015.
|
|
|
|
|
|
|
UNITED STATES CELLULAR CORPORATION |
|
|
By |
|
/s/ LEROY T. CARLSON, JR.
LeRoy T. Carlson, Jr. Chairman |
POWER OF ATTORNEY
Each person whose signature appears below constitutes and appoints LeRoy T. Carlson, Jr. as his or her true and lawful attorney-in-fact
and agent, with full power of substitution and resubstitution for him or her and in his or her name, place and stead, in any and all capacities to sign any and all amendments (including post-effective
amendments) to this Registration Statement and/or any filings pursuant to Rule 462(b) under the Securities Act, and to file the same, with all exhibits thereto, and other documents in
connection therewith, with the Securities and Exchange Commission, and to take such actions in, and file with, the appropriate applications, statements, consents and other documents as may be
necessary or expedient to register any securities of the Registrant for sale, granting unto said attorney-in-fact and agent full power and authority to do so and perform each and every act and thing
requisite or necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all the said
attorney-in-fact and agent or any of them, or their or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant
to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons in the capacities indicated on
February 25, 2015.
|
|
|
Signature
|
|
Title
|
|
|
|
/s/ LEROY T. CARLSON, JR.
LeRoy T. Carlson, Jr. |
|
Chairman and Director |
/s/ KENNETH R. MEYERS
Kenneth R. Meyers |
|
President and Chief Executive Officer (principal executive officer) and Director |
/s/ STEVEN T. CAMPBELL
Steven T. Campbell |
|
Executive Vice PresidentFinance, Chief Executive Officer and Treasurer (principal financial officer) and Director |
PAGE 1 OF 2 SIGNATURE PAGES TO FORM S-3 RELATING TO
U.S. CELLULAR DEBT SHELF REGISTRATION STATEMENT
Table of Contents
|
|
|
Signature
|
|
Title
|
|
|
|
/s/ DOUGLAS D. SHUMA
Douglas D. Shuma |
|
Chief Accounting Officer (principal accounting officer) and Director |
/s/ JAMES BARR III
James Barr III |
|
Director |
/s/ WALTER C.D. CARLSON
Walter C.D. Carlson |
|
Director |
/s/ J. SAMUEL CROWLEY
J. Samuel Crowley |
|
Director |
/s/ RONALD E. DALY
Ronald E. Daly |
|
Director |
/s/ PAUL HENRI DENUIT
Paul-Henri Denuit |
|
Director |
/s/ HARRY J. HARCZAK, JR.
Harry J. Harczak, Jr. |
|
Director |
/s/ GREGORY P. JOSEFOWICZ
Gregory P. Josefowicz |
|
Director |
/s/ PETER L. SEREDA
Peter L. Sereda |
|
Director |
/s/ CECELIA D. STEWART
Cecelia D. Stewart |
|
Director |
/s/ KURT B. THAUS
Kurt B. Thaus |
|
Director |
PAGE 2 OF 2 SIGNATURE PAGES TO FORM S-3 RELATING TO
U.S. CELLULAR DEBT SHELF REGISTRATION STATEMENT
Table of Contents
INDEX TO EXHIBITS
|
|
|
|
Exhibit No. |
|
Description of Document |
|
4.1 |
|
Senior Indenture between U.S. Cellular and The Bank of New York Mellon Trust Company, N.A. (formerly known as The Bank of New York Trust Company, N.A.), as successor to BNY Midwest Trust Company, dated June 1, 2002,
is hereby incorporated by reference from Exhibit 4.1 to U.S. Cellular's Registration on Form S-3 (Registration No. 333-188971), filed on May 31, 2014 |
|
4.2 |
|
Subordinated Indenture between U.S. Cellular and The Bank of New York Mellon Trust Company, N.A., dated as of September 16, 2013, is hereby incorporated by reference from Exhibit 4.1 to U.S. Cellular's
Current Report on Form 8-K filed on September 20, 2013 |
|
5 |
|
Opinion of Sidley Austin LLP |
|
23.1 |
|
Consent of Independent Registered Public Accounting FirmPricewaterhouseCoopers LLP |
|
23.2 |
|
Consent of Independent Registered Public Accounting FirmErnst & Young LLP |
|
23.3 |
|
Consent of Independent Registered Public Accounting FirmDeloitte & Touche LLP |
|
23.4 |
|
Consent of Sidley Austin LLP (included in Exhibit 5 above) |
|
24 |
|
Powers of Attorney for certain officers and directors (included on signature page) |
|
25.1 |
|
Form T-1 Statement of Eligibility under the Trust Indenture Act of 1939 of The Bank of New York Mellon Trust Company, N.A. (formerly known as The Bank of New York Trust Company, N.A.), as successor to BNY Midwest
Trust Company, relating to the Senior Debt Indenture, dated as of June 1, 2002 |
|
25.2 |
|
Form T-1 Statement of Eligibility under the Trust Indenture Act of 1939 of The Bank of New York Mellon Trust Company, N.A., relating to the Subordinated Debt Indenture, dated as of September 16,
2013 |
Exhibit 5
|
SIDLEY AUSTIN LLP
ONE SOUTH DEARBORN STREET CHICAGO, IL 60603
(312) 853 7000
(312) 853 7036 FAX |
BEIJING
BOSTON
BRUSSELS
CHICAGO
DALLAS
GENEVA |
HONG KONG
HOUSTON
LONDON
LOS ANGELES
NEW YORK
PALO ALTO |
SAN FRANCISCO
SHANGHAI
SINGAPORE
SYDNEY
TOKYO
WASHINGTON, D.C. |
|
|
|
|
|
FOUNDED 1866 |
February 25, 2015
United States Cellular Corporation
8410 West Bryn Mawr
Chicago, Illinois 60631
Re: Registration Statement on Form S-3
Ladies and Gentlemen:
We refer to the Registration Statement on Form S-3 (the Registration Statement) being filed by United States Cellular Corporation, a Delaware corporation (the Company), with the Securities and Exchange Commission (the SEC) under the Securities Act of 1933, as amended (the Securities Act), relating to the registration of the Companys senior debt securities (the Senior Debt Securities) and subordinated debt securities (the Subordinated Debt Securities and, together with the Senior Debt Securities, the Debt Securities) with a maximum aggregate initial offering price of U.S. $500,000,000. The Senior Debt Securities are to be issued under an Indenture dated as of June 1, 2002 (as supplemented from time to time, the Senior Indenture) between the Company and The Bank of New York Mellon Trust Company, N.A. (formerly known as The Bank of New York Trust Company, N.A., as successor to BNY Midwest Trust Company), as trustee (the Trustee). The Subordinated Debt Securities are to be issued under an Indenture dated as of September 16, 2013 (the Subordinated Indenture and, together with the Senior Indenture, the Indentures) between the Company and the Trustee.
This opinion letter is being delivered in accordance with the requirements of Item 601(b)(5) of Regulation S-K under the Securities Act.
We have examined the Registration Statement, the Senior Indenture, the Subordinated Indenture and the resolutions adopted by the board of directors of the Company relating to the Registration Statement, the Indentures and the issuance of the Debt Securities by the Company. We have also examined originals, or copies of originals certified to our satisfaction, of such agreements, documents, certificates and statements of the Company and other corporate documents and instruments, and have examined such questions of law, as we have considered relevant and necessary as a basis for this opinion letter. We have assumed the authenticity of all documents submitted to us as originals, the genuineness of all signatures, the legal capacity of all persons and the conformity with the original documents of any copies thereof submitted to us for
Sidley Austin LLP is a limited liability partnership practicing in affiliation with other Sidley Austin partnerships
examination. As to facts relevant to the opinions expressed herein, we have relied without independent investigation or verification upon, and assumed the accuracy and completeness of, certificates, letters and oral and written statements and representations of public officials and officers and other representatives of the Company.
Based on and subject to the foregoing and the other limitations, qualifications and assumptions set forth herein, we are of the opinion that the Debt Securities of each series covered by the Registration Statement will constitute valid and binding obligations of the Company when:
i) the Registration Statement (including any post-effective amendments) shall have been declared effective under the Securities Act;
ii) a prospectus supplement with respect to such series of Debt Securities shall have been filed with the SEC in compliance with the Securities Act and the rules and regulations thereunder;
iii) all necessary corporate action shall have been taken by the Company to authorize the form, terms, execution, delivery, performance, issuance and sale of such series of Debt Securities as contemplated by the Registration Statement, the prospectus supplement relating to such series of Debt Securities and the applicable Indenture and to authorize the execution, delivery and performance of a supplemental indenture or Company order establishing the form and terms of such series of Debt Securities as contemplated by such Indenture;
iv) a supplemental indenture or Company order establishing the form and terms of such series of Debt Securities shall have been duly executed and delivered by the Company and the Trustee (in the case of such a supplemental indenture) or by duly authorized officers of the Company (in the case of such a Company order), in each case in accordance with the provisions of the Companys Restated Certificate of Incorporation, as amended, and Restated Bylaws, resolutions of the Companys board of directors (the Board) or a duly authorized committee thereof and the applicable Indenture; and
v) the certificates evidencing the Debt Securities of such series shall be in substantially the form filed as an exhibit to the Registration Statement, shall have been duly executed and delivered by the Company, authenticated by the Trustee and issued, all in accordance with the Companys Restated Certificate of Incorporation, as amended, and Restated Bylaws, resolutions of the Board or a duly authorized committee thereof, the applicable Indenture and the supplemental indenture or Company order, as the case may be, establishing the form and terms of the Debt Securities of such series, and shall have been duly delivered to the purchasers thereof against payment of the agreed consideration therefor.
2
For the purposes of this opinion letter, we have assumed that, at the time of the issuance, sale and delivery of the Debt Securities of each series:
(1) all Debt Securities of such series will be issued and sold as contemplated in the Registration Statement and the prospectus supplement relating thereto;
(2) the execution, delivery and performance by the Company of such Debt Securities, the applicable Indenture and the supplemental indenture or Company order, as the case may be, establishing the form and terms of such series of Debt Securities will not (A) contravene or violate the Companys Restated Certificate of Incorporation, as amended, or Restated Bylaws or any law, rule or regulation applicable to the Company, (B) result in a default under or breach of any agreement or instrument binding upon the Company or any order, judgment or decree of any court or governmental authority applicable to the Company, or (C) require any authorization, approval or other action by, or notice to or filing with, any court or governmental authority (other than such authorizations, approvals, actions, notices or filings which shall have been obtained or made, as the case may be, and which shall be in full force and effect);
(3) the authorization by the Company of the transactions described above and the instruments, agreements and other documents entered into or to be entered into by the Company as described above will not have been modified or rescinded, and there will not have occurred any change in law affecting the validity, binding character or enforceability of any such instruments, agreements and other documents;
(4) the applicable Indenture will not have been modified or amended (other than by a supplemental indenture or Company order establishing the form or terms of the Debt Securities of any series);
(5) the Restated Certificate of Incorporation, as amended, and Restated Bylaws of the Company and resolutions of the Board, as currently in effect, will not have been modified or amended and will be in full force and effect; and
(6) the form and terms of such series of Debt Securities shall have been established by the Board, a duly authorized committee thereof or a duly authorized officer of the Company acting pursuant to authority delegated to such officer by the Board or a duly authorized committee of the Board, all in accordance with, and within any parameters or limitations established by, the Companys Restated Certificate of Incorporation and Restated Bylaws, resolutions of the Board, the applicable Indenture and applicable law, and such terms will be accurately reflected in the certificates evidencing such series of Debt Securities and the supplemental indenture or Company order, as the case may be, establishing the form and terms of such series of Debt Securities.
3
We have further assumed that the Senior Debt Securities and any supplemental indenture or Company order establishing the form or terms of the Senior Debt Securities will be governed by and construed in accordance with the laws of the State of Illinois and that the Subordinated Debt Securities and any supplemental indenture or Company order establishing the form or terms of the Subordinated Debt Securities will be governed by and construed in accordance with the laws of the State of New York.
Our opinion is subject to bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, fraudulent transfer and other similar laws relating to or affecting creditors rights generally and to general equitable principles (regardless of whether considered in a proceeding in equity or at law), including concepts of commercial reasonableness, good faith and fair dealing and the possible unavailability of specific performance or injunctive relief. Our opinion is also subject to (i) provisions of law which may require that a judgment for money damages rendered by a court in the United States of America be expressed only in United States dollars, (ii) requirements that a claim with respect to any Debt Securities or other obligations that are denominated or payable other than in United States dollars (or a judgment denominated or payable other than in United States dollars in respect of such claim) be converted into United States dollars at a rate of exchange prevailing on a date determined pursuant to applicable law and (iii) governmental authority to limit, delay or prohibit the making of payments outside of the United States of America or in a foreign currency.
This opinion letter is limited to the General Corporation Law of the State of Delaware and the laws of the States of Illinois and New York (excluding the securities laws of the States of Illinois and New York). We express no opinion as to the laws, rules or regulations of any other jurisdiction, including, without limitation, the federal laws of the United States of America or any state securities or blue sky laws.
The Company is controlled by Telephone and Data Systems, Inc. (TDS). The following persons are partners in this Firm: Walter C.D. Carlson, a trustee and beneficiary of a voting trust that controls TDS, the non-executive chairman of the board and member of the board of directors of TDS and a director of the Company; William S. DeCarlo, the General Counsel of TDS and an Assistant Secretary of TDS and certain subsidiaries of TDS; and Stephen P. Fitzell, the General Counsel and/or an Assistant Secretary of the Company and certain other subsidiaries of TDS.
We hereby consent to the filing of this opinion letter as an Exhibit to the Registration Statement and to all references to our Firm included in or made a part of the Registration Statement. In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act.
4
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Very truly yours, |
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/s/ SIDLEY AUSTIN LLP |
5
Exhibit 23.1
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We hereby consent to the incorporation by reference in this Registration Statement on Form S-3 of our report dated February 25, 2015 relating to the financial statements and the effectiveness of internal control over financial reporting, which appears in the 2014 Annual Report to Shareholders, which is incorporated by reference in United States Cellular Corporations Annual Report on Form 10-K for the year ended December 31, 2014. We also consent to the reference to us under the heading Experts in such Registration Statement.
/s/ PricewaterhouseCoopers LLP
Chicago, Illinois
February 25, 2015
Exhibit 23.2
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We consent to the reference to our firm under the caption Experts in this Registration Statement (Form S-3) and related Prospectus of United States Cellular Corporation dated February 25, 2015, for the registration of senior and subordinated debt securities and to the incorporation by reference therein of our report dated February 25, 2015, with respect to the financial statements of Los Angeles SMSA Limited Partnership included in United States Cellular Corporations Annual Report (Form 10-K) for the year ended December 31, 2014, filed with the Securities and Exchange Commission.
|
/s/ Ernst & Young LLP |
|
Certified Public Accountants |
Orlando, Florida |
|
February 25, 2015 |
|
Exhibit 23.3
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We consent to the incorporation by reference in this Registration Statement of United States Cellular Corporation on Form S-3 of our report dated February 28, 2014, relating to the financial statements of Los Angeles SMSA Limited Partnership as of December 31, 2013 and for the two years in the period ended December 31, 2013, appearing in the Annual Report on Form 10-K of United States Cellular Corporation for the year ended December 31, 2014, and to the reference to us under the heading Experts in the Prospectus, which is part of such Registration Statement.
/s/ Deloitte & Touche LLP
Atlanta, Georgia
February 25, 2015
Exhibit 25.1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM T-1
STATEMENT OF ELIGIBILITY
UNDER THE TRUST INDENTURE ACT OF 1939 OF A
CORPORATION DESIGNATED TO ACT AS TRUSTEE
CHECK IF AN APPLICATION TO DETERMINE
ELIGIBILITY OF A TRUSTEE PURSUANT TO
SECTION 305(b)(2) o
THE BANK OF NEW YORK MELLON
TRUST COMPANY, N.A.
(Exact name of trustee as specified in its charter)
(Jurisdiction of incorporation if not a U.S. national bank) |
|
95-3571558 (I.R.S. employer identification no.) |
|
|
|
400 South Hope Street Suite 400
Los Angeles, California
(Address of principal executive offices) |
|
90071 (Zip code) |
UNITED STATES CELLULAR CORPORATION
(Exact name of obligor as specified in its charter)
Delaware (State or other jurisdiction of incorporation or organization) |
|
62-1147325 (I.R.S. employer identification no.) |
|
|
|
8410 West Bryn Mawr Chicago, Illinois (Address of principal executive offices) |
|
60631 (Zip code) |
Senior Debt Securities
(Title of the indenture securities)
1. General information. Furnish the following information as to the trustee:
(a) Name and address of each examining or supervising authority to which it is subject.
Name |
|
Address |
|
|
|
Comptroller of the Currency United States Department of the Treasury |
|
Washington, DC 20219 |
|
|
|
Federal Reserve Bank |
|
San Francisco, CA 94105 |
|
|
|
Federal Deposit Insurance Corporation |
|
Washington, DC 20429 |
(b) Whether it is authorized to exercise corporate trust powers.
Yes.
2. Affiliations with Obligor.
If the obligor is an affiliate of the trustee, describe each such affiliation.
None.
16. List of Exhibits.
Exhibits identified in parentheses below, on file with the Commission, are incorporated herein by reference as an exhibit hereto, pursuant to Rule 7a-29 under the Trust Indenture Act of 1939 (the Act) and 17 C.F.R. 229.10(d).
1. A copy of the articles of association of The Bank of New York Mellon Trust Company, N.A., formerly known as The Bank of New York Trust Company, N.A. (Exhibit 1 to Form T-1 filed with Registration Statement No. 333-121948 and Exhibit 1 to Form T-1 filed with Registration Statement No. 333-152875).
2. A copy of certificate of authority of the trustee to commence business. (Exhibit 2 to Form T-1 filed with Registration Statement No. 333-121948).
3. A copy of the authorization of the trustee to exercise corporate trust powers (Exhibit 3 to Form T-1 filed with Registration Statement No. 333-152875).
2
4. A copy of the existing by-laws of the trustee (Exhibit 4 to Form T-1 filed with Registration Statement No. 333-162713).
6. The consent of the trustee required by Section 321(b) of the Act (Exhibit 6 to Form T-1 filed with Registration Statement No. 333-152875).
7. A copy of the latest report of condition of the Trustee published pursuant to law or to the requirements of its supervising or examining authority.
3
SIGNATURE
Pursuant to the requirements of the Act, the Trustee, The Bank of New York Mellon Trust Company, N.A., a banking association organized and existing under the laws of the United States of America, has duly caused this statement of eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in The City of Los Angeles, and State of California, on the 18th day of February, 2015.
|
THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. |
|
|
|
By: |
/s/ Teresa Petta |
|
Name: |
Teresa Petta |
|
Title: |
Vice President |
4
EXHIBIT 7
Consolidated Report of Condition of
THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.
of 400 South Hope Street, Suite 400, Los Angeles, CA 90071
At the close of business December 31, 2014, published in accordance with Federal regulatory authority instructions.
|
|
|
|
Dollar amounts |
|
|
|
|
|
in thousands |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Cash and balances due from depository institutions: |
|
|
|
|
|
Noninterest-bearing balances and currency and coin |
|
|
|
2,244 |
|
Interest-bearing balances |
|
|
|
283 |
|
Securities: |
|
|
|
|
|
Held-to-maturity securities |
|
|
|
0 |
|
Available-for-sale securities |
|
|
|
681,797 |
|
Federal funds sold and securities purchased under agreements to resell: |
|
|
|
|
|
Federal funds sold |
|
|
|
181,700 |
|
Securities purchased under agreements to resell |
|
|
|
0 |
|
Loans and lease financing receivables: |
|
|
|
|
|
Loans and leases held for sale |
|
|
|
0 |
|
Loans and leases, net of unearned income |
|
0 |
|
|
|
LESS: Allowance for loan and lease losses |
|
0 |
|
|
|
Loans and leases, net of unearned income and allowance |
|
|
|
0 |
|
Trading assets |
|
|
|
0 |
|
Premises and fixed assets (including capitalized leases) |
|
|
|
13,215 |
|
Other real estate owned |
|
|
|
0 |
|
Investments in unconsolidated subsidiaries and associated companies |
|
|
|
0 |
|
Direct and indirect investments in real estate ventures |
|
|
|
0 |
|
Intangible assets: |
|
|
|
|
|
Goodwill |
|
|
|
856,313 |
|
Other intangible assets |
|
|
|
103,947 |
|
Other assets |
|
|
|
117,698 |
|
Total assets |
|
|
|
$ |
1,957,197 |
|
|
|
|
|
|
|
|
1
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
In domestic offices |
|
|
|
502 |
|
Noninterest-bearing |
|
502 |
|
|
|
Interest-bearing |
|
0 |
|
|
|
Not applicable |
|
|
|
|
|
Federal funds purchased and securities sold under agreements to repurchase: |
|
|
|
|
|
Federal funds purchased |
|
|
|
0 |
|
Securities sold under agreements to repurchase |
|
|
|
0 |
|
Trading liabilities |
|
|
|
0 |
|
Other borrowed money: |
|
|
|
|
|
(includes mortgage indebtedness and obligations under capitalized leases) |
|
|
|
0 |
|
Not applicable |
|
|
|
|
|
Not applicable |
|
|
|
|
|
Subordinated notes and debentures |
|
|
|
0 |
|
Other liabilities |
|
|
|
257,630 |
|
Total liabilities |
|
|
|
258,132 |
|
Not applicable |
|
|
|
|
|
|
|
|
|
|
|
EQUITY CAPITAL |
|
|
|
|
|
|
|
|
|
|
|
Perpetual preferred stock and related surplus |
|
|
|
0 |
|
Common stock |
|
|
|
1,000 |
|
Surplus (exclude all surplus related to preferred stock) |
|
|
|
1,122,182 |
|
Not available |
|
|
|
|
|
Retained earnings |
|
|
|
575,618 |
|
Accumulated other comprehensive income |
|
|
|
265 |
|
Other equity capital components |
|
|
|
0 |
|
Not available |
|
|
|
|
|
Total bank equity capital |
|
|
|
1,699,065 |
|
Noncontrolling (minority) interests in consolidated subsidiaries |
|
|
|
0 |
|
Total equity capital |
|
|
|
1,699,065 |
|
Total liabilities and equity capital |
|
|
|
1,957,197 |
|
I, Matthew J. McNulty, CFO of the above-named bank do hereby declare that the Reports of Condition and Income (including the supporting schedules) for this report date have been prepared in conformance with the instructions issued by the appropriate Federal regulatory authority and are true to the best of my knowledge and belief.
We, the undersigned directors (trustees), attest to the correctness of the Report of Condition (including the supporting schedules) for this report date and declare that it has been examined by us and to the best of our knowledge and belief has been prepared in conformance with the instructions issued by the appropriate Federal regulatory authority and is true and correct.
Antonio I. Portuondo, President |
) |
|
William D. Lindelof, Director |
) |
Directors (Trustees) |
Alphonse J. Briand, Director |
) |
|
2
Exhibit 25.2
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM T-1
STATEMENT OF ELIGIBILITY
UNDER THE TRUST INDENTURE ACT OF 1939 OF A
CORPORATION DESIGNATED TO ACT AS TRUSTEE
CHECK IF AN APPLICATION TO DETERMINE
ELIGIBILITY OF A TRUSTEE PURSUANT TO
SECTION 305(b)(2) o
THE BANK OF NEW YORK MELLON
TRUST COMPANY, N.A.
(Exact name of trustee as specified in its charter)
|
|
95-3571558 |
(Jurisdiction of incorporation if not a U.S. national bank) |
|
(I.R.S. employer identification no.) |
400 South Hope Street Suite 400
Los Angeles, California |
|
90071 |
(Address of principal executive offices) |
|
(Zip code) |
UNITED STATES CELLULAR CORPORATION
(Exact name of obligor as specified in its charter)
Delaware |
|
62-1147325 |
(State or other jurisdiction of incorporation or organization) |
|
(I.R.S. employer identification no.) |
8410 West Bryn Mawr
Chicago, Illinois |
|
60631 |
(Address of principal executive offices) |
|
(Zip code) |
Subordinated Debt Securities
(Title of the indenture securities)
1. General information. Furnish the following information as to the trustee:
(a) Name and address of each examining or supervising authority to which it is subject.
Name |
|
Address |
|
|
|
Comptroller of the Currency United States Department of the Treasury |
|
Washington, DC 20219 |
|
|
|
Federal Reserve Bank |
|
San Francisco, CA 94105 |
|
|
|
Federal Deposit Insurance Corporation |
|
Washington, DC 20429 |
(b) Whether it is authorized to exercise corporate trust powers.
Yes.
2. Affiliations with Obligor.
If the obligor is an affiliate of the trustee, describe each such affiliation.
None.
16. List of Exhibits.
Exhibits identified in parentheses below, on file with the Commission, are incorporated herein by reference as an exhibit hereto, pursuant to Rule 7a-29 under the Trust Indenture Act of 1939 (the Act) and 17 C.F.R. 229.10(d).
1. A copy of the articles of association of The Bank of New York Mellon Trust Company, N.A., formerly known as The Bank of New York Trust Company, N.A. (Exhibit 1 to Form T-1 filed with Registration Statement No. 333-121948 and Exhibit 1 to Form T-1 filed with Registration Statement No. 333-152875).
2. A copy of certificate of authority of the trustee to commence business. (Exhibit 2 to Form T-1 filed with Registration Statement No. 333-121948).
3. A copy of the authorization of the trustee to exercise corporate trust powers (Exhibit 3 to Form T-1 filed with Registration Statement No. 333-152875).
2
4. A copy of the existing by-laws of the trustee (Exhibit 4 to Form T-1 filed with Registration Statement No. 333-162713).
6. The consent of the trustee required by Section 321(b) of the Act (Exhibit 6 to Form T-1 filed with Registration Statement No. 333-152875).
7. A copy of the latest report of condition of the Trustee published pursuant to law or to the requirements of its supervising or examining authority.
3
SIGNATURE
Pursuant to the requirements of the Act, the Trustee, The Bank of New York Mellon Trust Company, N.A., a banking association organized and existing under the laws of the United States of America, has duly caused this statement of eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in The City of Los Angeles, and State of California, on the 18th day of February, 2015.
|
THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. |
|
|
|
By: |
/s/ Teresa Petta |
|
Name: |
Teresa Petta |
|
Title: |
Vice President |
4
EXHIBIT 7
Consolidated Report of Condition of
THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.
of 400 South Hope Street, Suite 400, Los Angeles, CA 90071
At the close of business December 31, 2014, published in accordance with Federal regulatory authority instructions.
|
|
|
|
|
|
Dollar amounts |
|
|
|
|
|
|
|
in thousands |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and balances due from depository institutions: |
|
|
|
|
|
|
|
Noninterest-bearing balances and currency and coin |
|
|
|
|
|
2,244 |
|
Interest-bearing balances |
|
|
|
|
|
283 |
|
Securities: |
|
|
|
|
|
|
|
Held-to-maturity securities |
|
|
|
|
|
0 |
|
Available-for-sale securities |
|
|
|
|
|
681,797 |
|
Federal funds sold and securities purchased under agreements to resell: |
|
|
|
|
|
|
|
Federal funds sold |
|
|
|
|
|
181,700 |
|
Securities purchased under agreements to resell |
|
|
|
|
|
0 |
|
Loans and lease financing receivables: |
|
|
|
|
|
|
|
Loans and leases held for sale |
|
|
|
|
|
0 |
|
Loans and leases, net of unearned income |
|
0 |
|
|
|
|
|
LESS: Allowance for loan and lease losses |
|
0 |
|
|
|
|
|
Loans and leases, net of unearned income and allowance |
|
|
|
|
|
0 |
|
Trading assets |
|
|
|
|
|
0 |
|
Premises and fixed assets (including capitalized leases) |
|
|
|
|
|
13,215 |
|
Other real estate owned |
|
|
|
|
|
0 |
|
Investments in unconsolidated subsidiaries and associated companies |
|
|
|
|
|
0 |
|
Direct and indirect investments in real estate ventures |
|
|
|
|
|
0 |
|
Intangible assets: |
|
|
|
|
|
|
|
Goodwill |
|
|
|
|
|
856,313 |
|
Other intangible assets |
|
|
|
|
|
103,947 |
|
Other assets |
|
|
|
|
|
117,698 |
|
Total assets |
|
|
|
|
|
$ |
1,957,197 |
|
|
|
|
|
|
|
|
|
|
1
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
In domestic offices |
|
|
|
502 |
|
Noninterest-bearing |
|
502 |
|
|
|
Interest-bearing |
|
0 |
|
|
|
Not applicable |
|
|
|
|
|
Federal funds purchased and securities sold under agreements to repurchase: |
|
|
|
|
|
Federal funds purchased |
|
|
|
0 |
|
Securities sold under agreements to repurchase |
|
|
|
0 |
|
Trading liabilities |
|
|
|
0 |
|
Other borrowed money: |
|
|
|
|
|
(includes mortgage indebtedness and obligations under capitalized leases) |
|
|
|
0 |
|
Not applicable |
|
|
|
|
|
Not applicable |
|
|
|
|
|
Subordinated notes and debentures |
|
|
|
0 |
|
Other liabilities |
|
|
|
257,630 |
|
Total liabilities |
|
|
|
258,132 |
|
Not applicable |
|
|
|
|
|
|
|
|
|
|
|
EQUITY CAPITAL |
|
|
|
|
|
|
|
|
|
|
|
Perpetual preferred stock and related surplus |
|
|
|
0 |
|
Common stock |
|
|
|
1,000 |
|
Surplus (exclude all surplus related to preferred stock) |
|
|
|
1,122,182 |
|
Not available |
|
|
|
|
|
Retained earnings |
|
|
|
575,618 |
|
Accumulated other comprehensive income |
|
|
|
265 |
|
Other equity capital components |
|
|
|
0 |
|
Not available |
|
|
|
|
|
Total bank equity capital |
|
|
|
1,699,065 |
|
Noncontrolling (minority) interests in consolidated subsidiaries |
|
|
|
0 |
|
Total equity capital |
|
|
|
1,699,065 |
|
Total liabilities and equity capital |
|
|
|
1,957,197 |
|
I, Matthew J. McNulty, CFO of the above-named bank do hereby declare that the Reports of Condition and Income (including the supporting schedules) for this report date have been prepared in conformance with the instructions issued by the appropriate Federal regulatory authority and are true to the best of my knowledge and belief.
Matthew J. McNulty ) CFO
We, the undersigned directors (trustees), attest to the correctness of the Report of Condition (including the supporting schedules) for this report date and declare that it has been examined by us and to the best of our knowledge and belief has been prepared in conformance with the instructions issued by the appropriate Federal regulatory authority and is true and correct.
Antonio I. Portuondo, President |
) |
|
William D. Lindelof, Director |
) |
Directors (Trustees) |
Alphonse J. Briand, Director |
) |
|
2
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