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TELEPHONE AND DATA SYSTEMS ANNOUNCES PUBLIC OFFERING OF 2 MILLION COMMON SHARES

 TELEPHONE AND DATA SYSTEMS ANNOUNCES PUBLIC OFFERING
 OF 2 MILLION COMMON SHARES
 CHICAGO, March 4 /PRNewswire/ -- Telephone and Data Systems, Inc., (AMEX: TDS) said it planned to offer 2,000,000 common shares in a public offering pursuant to the company's shelf registration statement, which became effective Feb. 10, 1992. The proceeds of the offering will be used to repay short-term debt, to continue developing telephone, cellular telephone, and paging operations and for general corporate purposes. Donaldson, Lufkin & Jenrette Securities Corp., as lead manager, will co-manage the offering with Goldman, Sachs & Co. and Merrill Lynch & Co. Swiss Bank Corp. and S.G. Warburg Securities will also co-lead manage the international tranche.
 TDS President and CEO LeRoy T. Carlson, Jr. said, "TDS operates in rapidly growing and capital-intensive segments of the telecommunications industry. We have met our external financing requirements by issuing TDS common stock in 1989 and by issuing $100 million of long-term debt in 1991. While we anticipate registering an additional $100 million of debt for potential sale, completion of the planned common stock offering should provide of a major portion of TDS's external financing required for 1992."
 This release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of TDS Common Shares in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state.
 TDS is a Chicago-based telecommunications company with established local telephone operations and developing cellular telephone and radio paging operations. TDS builds value for its shareholders by providing excellent telecommunications services in attractive, closely-related segments of the telecommunications industry.
 -0- 3/4/92
 /CONTACT: Murray L. Swanson, executive vice president-finance of Telephone and Data Systems, 312-630-1900, or out of town media, please call collect/
 (TDS) CO: Telephone and Data Systems, Inc. ST: Illinois IN: TLS SU: OFR


PS -- NY094 -- 5172 03/04/92 17:57 EST
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Publication:PR Newswire
Date:Mar 4, 1992
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