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Debt (Tables) | 12 Months Ended
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Dec. 31, 2014
Debt Disclosure [Abstract] |
Debt instrument facilities |
The following table summarizes the terms of such revolving credit facilities as of December 31, 2014:
(Dollars in millions) | TDS |  |  | U.S. Cellular |
Maximum borrowing capacity | $ | 400.0 |  |  | $ | 300.0 |
Letters of credit outstanding | $ | 0.6 |  |  | $ | 17.5 |
Amount borrowed | $ | - |  |  | $ | - |
Amount available for use | $ | 399.4 |  |  | $ | 282.5 |
Borrowing rate: One-month London Interbank Offered Rate (“LIBOR”) plus contractual spread (1) |  | 1.92 | % |  |  | 1.92 | %
| Sample LIBOR Rate |  | 0.17 | % |  |  | 0.17 | %
| Contractual spread |  | 1.75 | % |  |  | 1.75 | %
Range of commitment fees on amount available for use (2) |  |  |  |  |  |  |
| Low |  | 0.13 | % |  |  | 0.13 | %
| High |  | 0.30 | % |  |  | 0.30 | %
Agreement date |  | December 2010 |  |  |  | December 2010 |
Maturity date |  | December 2017 |  |  |  | December 2017 |
Fees incurred attributable to the Revolving Credit Facility are as follows: |  |  |  |  |  |  |
| Fees incurred as a percent of Maximum borrowing capacity for 2014 |  | 0.42 | % |  |  | 0.42 | %
| Fees incurred, amount |  |  |  |  |  |  |
|  | 2014 | $ | 1.7 |  |  | $ | 1.3 |
|  | 2013 | $ | 0.9 |  |  | $ | 0.8 |
|  | 2012 | $ | 1.3 |  |  | $ | 1.1 |
(1) | Borrowings under the revolving credit facility bear interest at LIBOR plus a contractual spread based on TDS' or U.S. Cellular’s credit rating or, at TDS' or U.S. Cellular’s option, an alternate “Base Rate” as defined in the revolving credit agreement. TDS and U.S. Cellular may select a borrowing period of either one, two, three or six months (or other period of twelve months or less if requested by TDS or U.S. Cellular and approved by the lenders). If TDS or U.S. Cellular provides notice of intent to borrow the same business day, interest on borrowing is at the Base Rate plus the contractual spread.
(2) | The revolving credit facility has commitment fees based on the unsecured senior debt ratings assigned to TDS and U.S. Cellular by certain ratings agencies.
The following table summarizes the terms of the term loan facility as of February 25, 2015:
(Dollars in millions) |  |  |
Maximum borrowing capacity | $ | 225.0 |
Amount borrowed | $ | - |
Amount available for use | $ | 225.0 |
Hypothetical Borrowing rate: One-month London Interbank Offered Rate ("LIBOR") plus contractual spread (1) |  | 2.67 | %
| Sample LIBOR Rate |  | 0.17 | %
| Contractual spread |  | 2.5 | %
Range of commitment fees on amount available for use (2) |  |  |
| Low |  | 0.13 | %
| High |  | 0.30 | %
Agreement date |  | January 21, 2015 |
Maturity date (3) |  | January 21, 2022 |
(1) | Borrowings under the term loan credit facility bear interest at LIBOR plus a contractual spread based on U.S. Cellular’s credit rating or, at U.S. Cellular’s option, an alternate “Base Rate” as defined in the term loan facility.
(2) | The term loan credit facility has commitment fees based on the unsecured senior debt ratings assigned to U.S. Cellular by certain ratings agencies.
(3) | Principal amounts outstanding on the term loan facility will be due and payable quarterly in equal installments beginning on the last day of the fifth fiscal quarter ending after the agreement date, in an amount equal to 1.25% of the aggregate term loan facility commitment. Any amounts owing under the term loan facility not previously repaid will be due and payable on the maturity date.
Long term debt |
Long Term Financing |  |  |  |  |  |  |  |  |  |  |
Long-term debt as of December 31, 2014 and 2013 was as follows:
|  |  |  |  |  |  |  | December 31,
(Dollars in thousands) | Issuance date |  | Maturity date |  | Call date |  | 2014 |  | 2013
TDS: |  |  |  |  |  |  |  |  |  |  |
|  | Unsecured Senior Notes |  |  |  |  |  |  |  |  |  |
|  |  | 6.625% | March 2005 |  | March 2045 |  | March 2010 |  | $ | 116,250 |  | $ | 116,250
|  |  | 6.875% | November 2010 |  | November 2059 |  | November 2015 |  |  | 225,000 |  |  | 225,000
|  |  | 7.0% | March 2011 |  | March 2060 |  | March 2016 |  |  | 300,000 |  |  | 300,000
|  |  | 5.875% | November 2012 |  | December 2061 |  | December 2017 |  |  | 195,000 |  |  | 195,000
|  | Purchase contract at 6.0% | October 2001 |  | October 2021 |  |  |  |  | 1,097 |  |  | 1,097
|  |  |  | Total Parent |  |  |  |  |  |  |  | 837,347 |  |  | 837,347
Subsidiaries: |  |  |  |  |  |  |  |  |  |  |
| U.S. Cellular - |  |  |  |  |  |  |  |  |  |  |
|  | Unsecured Senior Notes |  |  |  |  |  |  |  |  |  |
|  |  | 6.7% | December 2003 and June 2004 |  | December 2033 |  | December 2003 |  |  | 544,000 |  |  | 544,000
|  |  | Less: 6.7% Unamortized discount |  |  |  |  |  |  |  | (11,278) |  |  | (11,551)
|  |  |  |  |  |  |  |  |  |  |  | 532,722 |  |  | 532,449
|  |  | 6.95% | May 2011 |  | May 2060 |  | May 2016 |  |  | 342,000 |  |  | 342,000
|  |  | 7.25% | December 2014 |  | December 2063 |  | December 2019 |  |  | 275,000 |  |  | -
|  | Obligation on capital leases |  |  |  |  |  |  |  | 2,143 |  |  | 3,749
| TDS Telecom - |  |  |  |  |  |  |  |  |  |  |
|  | Rural Utilities Service (“RUS”) and other notes |  |  |  |  |  |  | 699 |  |  | 749
|  | Obligation on capital leases |  |  |  |  |  |  | 768 |  |  | 779
| Other - |  |  |  |  |  |  |  |  |  |  |
|  | Long-term notes, 3.7% to 4.8% |  |  | Through 2016 |  |  |  |  | 3,686 |  |  | 4,612
|  | Obligation on capital leases |  |  |  |  |  |  |  | 29 |  |  | 35
|  |  |  | Total Subsidiaries |  |  |  |  |  |  |  | 1,157,047 |  |  | 884,373
Total long-term debt |  |  |  |  |  |  | $ | 1,994,394 |  | $ | 1,721,720
|  | Long-term debt, current |  |  |  |  |  |  | $ | 808 |  | $ | 1,646
|  | Long-term debt, noncurrent |  |  |  |  |  |  | $ | 1,993,586 |  | $ | 1,720,074

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