<SEC-DOCUMENT>0001104659-21-026845.txt : 20210223
<SEC-HEADER>0001104659-21-026845.hdr.sgml : 20210223
<ACCEPTANCE-DATETIME>20210223172838
ACCESSION NUMBER:		0001104659-21-026845
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210223
DATE AS OF CHANGE:		20210223

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TELEPHONE & DATA SYSTEMS INC /DE/
		CENTRAL INDEX KEY:			0001051512
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
		IRS NUMBER:				362669023
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-231181
		FILM NUMBER:		21666952

	BUSINESS ADDRESS:	
		STREET 1:		30 NORTH LASALLE STREET
		STREET 2:		STE 4000
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60602
		BUSINESS PHONE:		3126301900

	MAIL ADDRESS:	
		STREET 1:		30 NORTH LASALLE STREET
		STREET 2:		STE 4000
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60602

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TELEPHONE & DATA SYSTEMS INC /DE/
		CENTRAL INDEX KEY:			0001051512
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
		IRS NUMBER:				362669023
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		30 NORTH LASALLE STREET
		STREET 2:		STE 4000
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60602
		BUSINESS PHONE:		3126301900

	MAIL ADDRESS:	
		STREET 1:		30 NORTH LASALLE STREET
		STREET 2:		STE 4000
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60602
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
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<FILENAME>tm217459d4_fwp.htm
<DESCRIPTION>FWP
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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left; text-indent: -0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: right; text-indent: -0.25in"><B>Filed
Pursuant to Rule 433</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: right; text-indent: -0.25in"><B>Registration No. 333-231181</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: right; text-indent: -0.25in"><B>February 23, 2021</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: center; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Free Writing Prospectus</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(To Prospectus dated February 23, 2021 and <BR>
Preliminary
Prospectus Supplement Dated February 23, 2021)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TELEPHONE AND DATA SYSTEMS, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>16,000,000 Depositary Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Each representing a 1/1,000th Interest
in a Share of</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>6.625% Series UU Cumulative Redeemable
Perpetual Preferred Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Liquidation Preference Equivalent to
$25.00 Per Depositary Share)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pricing Term Sheet</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Issuer:</B></FONT></TD>
    <TD STYLE="width: 60%; padding-right: 13.4pt; padding-bottom: 6pt; padding-left: 6.6pt; text-align: justify"><FONT STYLE="font-size: 10pt">Telephone Data Systems, Inc. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Expected Ratings (Moody&rsquo;s / S&amp;P / Fitch)*:</B></FONT></TD>
    <TD STYLE="padding-right: 13.4pt; padding-bottom: 6pt; padding-left: 6.6pt; text-align: justify"><FONT STYLE="font-size: 10pt">Ba3 (Stable) / B (Stable) / BB- (Stable)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Security:</B></FONT></TD>
    <TD STYLE="padding-right: 13.4pt; padding-bottom: 6pt; padding-left: 6.6pt; text-align: justify"><FONT STYLE="font-size: 10pt">Depositary shares (the &ldquo;Depositary Shares&rdquo;) each representing a 1/1,000 interest in a share of Telephone and Data Systems, Inc.&rsquo;s 6.625% Series UU Cumulative Redeemable Perpetual Preferred Stock (the &ldquo;Preferred Stock&rdquo;).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Size:</B></FONT></TD>
    <TD STYLE="padding-right: 13.4pt; padding-bottom: 6pt; padding-left: 6.6pt; text-align: justify"><FONT STYLE="font-size: 10pt">$400,000,000 (16,000,000 Depositary Shares)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Over-Allotment Option:</B></FONT></TD>
    <TD STYLE="padding-right: 13.4pt; padding-bottom: 6pt; padding-left: 6.6pt; text-align: justify"><FONT STYLE="font-size: 10pt">$60,000,000 (2,400,000 Depositary Shares)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Liquidation Preference:</B></FONT></TD>
    <TD STYLE="padding-right: 13.4pt; padding-bottom: 6pt; padding-left: 6.6pt; text-align: justify"><FONT STYLE="font-size: 10pt">$25,000 per share of Preferred Stock (equivalent to $25.00 per &nbsp;Depositary Share)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Trade Date:</B></FONT></TD>
    <TD STYLE="padding-right: 13.4pt; padding-bottom: 6pt; padding-left: 6.6pt; text-align: justify"><FONT STYLE="font-size: 10pt">February 23, 2021</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Settlement Date:</B></FONT></TD>
    <TD STYLE="padding-right: 13.4pt; padding-bottom: 6pt; padding-left: 6.6pt; text-align: justify"><FONT STYLE="font-size: 10pt">March 2, 2021 (T+5)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Price to Public:</B></FONT></TD>
    <TD STYLE="padding-right: 13.4pt; padding-bottom: 6pt; padding-left: 6.6pt; text-align: justify"><FONT STYLE="font-size: 10pt">$25.00 per Depositary Share</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Preferred Stock:</B></FONT></TD>
    <TD STYLE="padding-right: 13.4pt; padding-bottom: 6pt; padding-left: 6.6pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term:</B></FONT></TD>
    <TD STYLE="padding-right: 13.4pt; padding-bottom: 6pt; padding-left: 6.6pt; text-align: justify"><FONT STYLE="font-size: 10pt">Perpetual</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend Rate:</B></FONT></TD>
    <TD STYLE="padding-right: 13.4pt; padding-bottom: 6pt; padding-left: 6.6pt; text-align: justify"><FONT STYLE="font-size: 10pt">6.625%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend Payment Dates:</B></FONT></TD>
    <TD STYLE="padding-right: 13.4pt; padding-bottom: 6pt; padding-left: 6.6pt; text-align: justify"><FONT STYLE="font-size: 10pt">March 31, June 30, September 30 and December 31, commencing&nbsp;&nbsp;&nbsp;June&nbsp;30, 2021</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 13.4pt; padding-bottom: 6pt; padding-left: 6.6pt; text-align: justify">&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Optional Redemption:</B></FONT></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 6.6pt">The Issuer may, at its option, redeem the
        Preferred Stock:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 6.6pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.4pt 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
        </FONT>in whole, at any time, or in part, from time to time, on or after March 31, 2026, at a redemption price in cash equal to
        $25,000 per share of Preferred Stock (equivalent to $25.00 per Depositary Share);</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.4pt 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>in whole but not in part, at any time prior to March 31, 2026, within 120 days after the conclusion of any review or appeal
process instituted by us following the occurrence of a &ldquo;Ratings Event&rdquo; (as defined in the Preliminary Prospectus Supplement)
or, if no review or appeal process is available or sought with respect to such Ratings Event, at any time within 120 days after
the occurrence of such Ratings Event, at a redemption price in cash equal to $25,500 per share of Preferred Stock (equivalent
to $25.50 per Depositary Share); or</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.4pt 0pt 6.6pt"></P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; width: 40%">&nbsp;</TD>
    <TD STYLE="padding-right: 13.4pt; padding-bottom: 6pt; padding-left: 6.6pt; text-align: justify; width: 60%"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.4pt 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>in whole or in part, upon the occurrence of a Change of Control Triggering Event (as defined in the Preliminary Prospectus
        Supplement), within 120 days after the first date on which such Change of Control Triggering Event occurred, at a redemption price
        in cash equal to $25,000 per share of Preferred Stock (equivalent to $25.00 per Depositary Share),</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">plus, in each case, all accumulated and unpaid
        dividends (whether or not declared) to, but excluding, such redemption date.</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt"><B>Change of Control Conversion Share Cap:</B></TD>
    <TD STYLE="padding-right: 13.4pt; padding-bottom: 6pt; padding-left: 6.6pt; text-align: justify">2.773200</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Listing:</B></FONT></TD>
    <TD STYLE="padding-right: 13.4pt; padding-bottom: 6pt; padding-left: 6.6pt; text-align: justify"><FONT STYLE="font-size: 10pt">The Issuer intends to apply to list the Depositary Shares on the New York Stock Exchange under the symbol &ldquo;TDSPrU&rdquo; and, if the application is approved, expects trading in the Depositary Shares on the New York Stock Exchange to begin within 30 days after the Settlement Date.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>CUSIP/ISIN of the Depositary Shares:</B></FONT></TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 6.6pt"><FONT STYLE="font-size: 10pt">&nbsp;879433 787 / US8794337878</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Joint Book-Running Managers:</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.6pt">BofA Securities, Inc.<BR>
        Citigroup Global Markets Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.6pt">Morgan Stanley &amp; Co. LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.6pt">RBC Capital Markets, LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.6pt">UBS Securities LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.6pt">Wells Fargo Securities, LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.6pt">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Co-Managers:</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.6pt">BNY Mellon Capital Markets, LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.6pt">CIBC World Markets Corp.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.6pt">TD Securities (USA) LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.6pt">U.S. Bancorp Investments, Inc.</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify"><B>*Note: A securities rating is not a
recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify"><B>The issuer has filed a registration
statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should
read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information
about the issuer and this offering. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.25in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify"><B>You may get these documents
for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating
in the offering will arrange to send you the prospectus if you request it by contacting BofA Securities, Inc., toll-free at 1-800-294-1322
or email <U>dg.prospectus_requests@bofa.com</U>; or Citigroup Global Markets Inc. toll-free at&nbsp;1-800-831-9146&nbsp;or <U>prospectus@citi.com</U>;
or Morgan Stanley &amp; Co. LLC, toll-free at 1-800-584-6837; RBC Capital Markets, LLC toll-free at 1-866-375-6829 or email rbcnyfixedincomeprospectus@rbccm.com;
UBS Securities LLC, toll-free at 1-888-827-7275; or Wells Fargo Securities, LLC, toll-free at 1-800-645-3751 or email wfscustomerservice@wellsfargo.com.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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