---
schema_version: "secwatch.filing_event.v1"
accession: "0001051512-23-000059"
form_type: "8-K"
ticker: "TDS"
cik: "0001051512"
company_name: "TELEPHONE & DATA SYSTEMS INC /DE/"
filed_at: "2023-10-02T23:59:59+00:00"
generated_at: "2026-06-10T06:13:51.514869+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

# TDS enters $300M secured credit facility, borrows full amount for general corporate purposes

## Summary
- $300M secured term loan credit facility, fully drawn on Sept 28, 2023; part used to repay existing revolver.
- Interest at SOFR or base rate plus margin; covenants: interest coverage ≥ 3.0x, leverage ratio ≤ 4.25x to 3.75x.
- Secured by 26,417,915 US Cellular common shares and other assets of TDS and guarantor subsidiaries.
- Maturity earlier of Sept 28, 2026 or 91 days prior to existing revolver maturity (currently July 20, 2026).
- Borrowing for general corporate purposes; full amount borrowed on effective date.

## SEC filing metadata
- accession: 0001051512-23-000059
- form_type: 8-K
- ticker: TDS
- cik: 0001051512
- company_name: TELEPHONE & DATA SYSTEMS INC /DE/
- filed_at: 2023-10-02T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1051512/000105151223000059/0001051512-23-000059-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1051512/000105151223000059/tds-20230928.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001051512-23-000059
- JSON: https://secwatch.observer/filing/0001051512-23-000059.json
- Plain text: https://secwatch.observer/filing/0001051512-23-000059.txt

## Key facts
- Debt Financings
  TELEPHONE & DATA SYSTEMS INC /DE/ incurred term loan of $300 million with Wells Fargo Bank, National Association as Administrative Agent at secured overnight financing rate (SOFR) or at an alternative base rate, plus, in maturing the earlier of (i) September 28, 2026 and (ii) the date that is 91 days prior to the scheduled maturity date of TDS’ existing revolving credit agreement (which.
  - Instrument: term loan
  - Principal: $300 million
  - Counterparty: Wells Fargo Bank, National Association as Administrative Agent
  - Rate: secured overnight financing rate (SOFR) or at an alternative base rate, plus, in
  - Maturity: the earlier of (i) September 28, 2026 and (ii) the date that is 91 days prior to the scheduled maturity date of TDS’ existing revolving credit agreement (which
  - Event: incurrence
  source text: On September 28, 2023 (Effective Date), Telephone and Data Systems, Inc. (TDS) entered into a $300 million Senior Secured Credit Agreement (Credit Agreement) among TDS as Borrower, the lenders from time to time party thereto, Wells Fargo Bank, National Association as Administrative Agent, and Citibank, N.A., TD Securities (USA) LLC and Wells Fargo Securities, LLC, as joint lead arrangers and joint bookrunners.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1051512/000105151223000059/0001051512-23-000059-index.htm
- Material Agreements
  TELEPHONE & DATA SYSTEMS INC /DE/ entered into Senior Secured Credit Agreement with Wells Fargo Bank, National Association, Citibank, N.A., TD Securities (USA) LLC and Wells Fargo Securities, LLC valued at $300 million secured term loan credit facility (effective 2023-09-28).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: Wells Fargo Bank, National Association, Citibank, N.A., TD Securities (USA) LLC and Wells Fargo Securities, LLC
  - Value: $300 million secured term loan credit facility
  - Effective: 2023-09-28
  source text: On September 28, 2023 (Effective Date), Telephone and Data Systems, Inc. (TDS) entered into a $300 million Senior Secured Credit Agreement (Credit Agreement) among TDS as Borrower, the lenders from time to time party thereto, Wells Fargo Bank, National Association as Administrative Agent, and Citibank, N.A., TD Securities (USA) LLC and Wells Fargo Securities, LLC, as joint lead arrangers and joint bookrunners.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1051512/000105151223000059/0001051512-23-000059-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.