TDS closes $4.3B sale of Array wireless ops to T-Mobile; special dividend $23/share

TELEPHONE & DATA SYSTEMS INC /DE/

Array (fka US Cellular) sold wireless operations to T-Mobile for ~$4.3B: $2.6B cash + $1.7B debt exchange.
Array signed 15-year Master License Agreement with T-Mobile: minimum 2,015 towers, interim on ~1,800 towers, 600 existing sites extended.
Array declared $23.00/shr special dividend on Series A & Common stock, record Aug 11, payable Aug 19 (est. ~$2B total).
T-Mobile accepted $1.68B aggregate principal of Array notes; remaining ~$364M notes outstanding; cancellation expected Aug 5.
Array repaid and terminated securitization facility and bank facilities; no termination penalties incurred.

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