UNITED STATES CELLULAR CORPORATION (NYSE:USM) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement.
See disclosure under Item 8.01 Other Events, which is
incorporated herein to the extent applicable.
Item 2.03. Creation of a Direct Financial Obligation or an
Obligation under an Off-Balance Sheet Arrangement of a
Registrant.
See disclosure under Item 8.01 Other Events, which is
incorporated herein to the extent applicable.
Item 8.01. Other Events.
As previously disclosed, the Federal Communications Commission
(FCC) announced United States Cellular Corporation (U.S.
Cellular) as a qualified bidder in the FCCs forward auction of
600 MHz spectrum licenses, referred to as Auction 1002. The Clock
Phase of the auction was completed on February 10, 2017. With the
completion of the Clock Phase of the auction, U.S. Cellular is
now committed to purchase 600 MHz spectrum licenses on which it
submitted bids for a minimum amount of $327 million, subject to
increase as the FCC completes the Assignment Phase of the
auction, which is pending. U.S. Cellular expects to be obligated
to pay for the total committed amount, less the $143 million
upfront payment made in June 2016, in the second quarter of 2017.
U.S. Cellular currently expects to make such payment using cash
on hand and/or borrowings under its revolving credit agreement.
About UNITED STATES CELLULAR CORPORATION (NYSE:USM)
United States Cellular Corporation (U.S. Cellular) is a provider of wireless telecommunication services. The Company operates all of its wireless operating markets are in the United States. U.S. Cellular provides service to postpaid and prepaid customers from a range of demographic segments. The Company focuses on retail consumers, government and small-to-mid-size business customers in vertical industries, such as construction, retail, professional services and real estate. The Company offers a range of wireless devices, such as handsets, modems, mobile hotspots, home phones and tablets for use by its customers. U.S. Cellular offers wireless devices that are compatible with fourth generation long term evolution (4G LTE) and third generation (3G) networks. U.S. Cellular offers a range of accessories, such as carrying cases, hands-free devices, batteries, battery chargers, and memory cards to related consumer electronics, such as headphones, speakers and Bluetooth keyboards. UNITED STATES CELLULAR CORPORATION (NYSE:USM) Recent Trading Information
UNITED STATES CELLULAR CORPORATION (NYSE:USM) closed its last trading session up +0.10 at 43.40 with 54,944 shares trading hands.
