Stocks & Financial News
Breaking financial news 24/7 courtesy of TradingCharts.com Inc. / TFC Commodity Charts
TDS Down On New Financing
May 04, 2024 (MENAFN via COMTEX) --
(MENAFN - Baystreet) Shares of Etsy Down Due to GMS Decline DoorDash Stock Suffers Post-Earnings Plunge Block's Financial Results Beat On The Top And Bottom Lines Sony Reportedly Submit $26B Offer for Paramount Peloton Flat on Layoffs, CEO Departure Previous Articles Subscribe to Get Small Cap News & Alerts Glenn Wilkins - Friday, May 3, 2024 TDS Down on New Financing Telephone and Data Systems, Inc. (NYSE: TDS) shares backtracked Friday, after the company announced the closing of a $375-million unsecured debt financing with funds managed by Oaktree Capital Management, L.P. The proceeds will be used for general corporate purposes, including the advancement of TDS Telecom's fiber build program.
"Now that all of our fiber expansion communities have been initially launched, TDS Telecom is continuing to make progress towards its long-term goal of 1.2 million marketable fiber service addresses," said CFO Vicki L. Villacrez. "This transaction will provide TDS with additional access to capital to support our fiber program which includes investing in communities throughout the US with quality broadband connectivity.
The transaction is structured as a five-year loan with the option to be repaid at any time subject to applicable call protections. TDS borrowed $300.0 million, less original issue discount, at closing, and the remaining $75.0 million will be available to draw for 18 months subject to certain conditions precedent. Borrowings will bear interest at a floating rate of SOFR +7%.
TDS reported total operating revenues of $1,262 million for the first quarter of 2024, versus $1,303 million for the same period one year ago. Net income (loss) attributable to TDS common shareholders and related diluted earnings (loss) per share were $12 million and $0.10, respectively, for the first quarter of 2024 compared to $(9) million and $(0.08), respectively, in the same period one year ago.
TDS shares dropped $1.12, or 6.9%, to $15.09.
"Now that all of our fiber expansion communities have been initially launched, TDS Telecom is continuing to make progress towards its long-term goal of 1.2 million marketable fiber service addresses," said CFO Vicki L. Villacrez. "This transaction will provide TDS with additional access to capital to support our fiber program which includes investing in communities throughout the US with quality broadband connectivity.
The transaction is structured as a five-year loan with the option to be repaid at any time subject to applicable call protections. TDS borrowed $300.0 million, less original issue discount, at closing, and the remaining $75.0 million will be available to draw for 18 months subject to certain conditions precedent. Borrowings will bear interest at a floating rate of SOFR +7%.
TDS reported total operating revenues of $1,262 million for the first quarter of 2024, versus $1,303 million for the same period one year ago. Net income (loss) attributable to TDS common shareholders and related diluted earnings (loss) per share were $12 million and $0.10, respectively, for the first quarter of 2024 compared to $(9) million and $(0.08), respectively, in the same period one year ago.
TDS shares dropped $1.12, or 6.9%, to $15.09.
- About Us Contact Us Advertise License Our Content Jobs Disclaimer Privacy Policy
Copyright 1998 - 2024 Baystreet Media Corp. All rights reserved. Nasdaq Stocks: Information delayed 15 minutes. Non-Nasdaq Stocks: Information delayed 20 minutes. Bid and Ask quotation information for NYSE and AMEX securities is only available on a real time basis. Market Data is provided by QuoteMedia. Earnings by Zacks. Analyst Ratings by Zacks
MENAFN03052024000212011056ID1108171910
COMTEX_451867364/2604/2024-05-04T02:43:07