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TELEPHONE AND DATA SYSTEMS COMPLETES PUBLIC OFFERING OF 2,000,000 COMMON SHARES

 TELEPHONE AND DATA SYSTEMS COMPLETES PUBLIC OFFERING
 OF 2,000,000 COMMON SHARES
 CHICAGO, March 27 /PRNewswire/ -- Telephone and Data Systems, Inc. (AMEX: TDS), announced today the public offering of 2,000,000 of its common shares at a price of $35.50 per share.
 The net proceeds from the offering will be used to repay short-term debt, to continue developing telephone, cellular telephone and paging operations, and for general corporate purposes. According to TDS President LeRoy T. Carlson Jr., "The proceeds from this issue should provide a major portion of TDS' external financing required for 1992."
 Donaldson, Lufkin & Jenrette Securities Corp., Goldman, Sachs & Co. and Merrill Lynch & Co. were managers of a U.S. underwriting group. Donaldson, Lufkin & Jenrette Securities Corp., Goldman Sachs International Limited, Merrill Lynch International Limited, Swiss Bank Corp. and S.G. Warburg Securities were managers of an international underwriting group. The U.S. underwriters were granted an option to purchase up to an additional 300,000 shares to cover over-allotments.
 TDS is a diversified telecommunications service company with established local telephone and developing cellular telephone and radio paging operations. The company operates 85 telephone subsidiaries serving approximately 304,000 access lines in rural and suburban areas; owns or has the right to acquire cellular interests representing approximately 18.0 million population equivalents and currently serving over 115,000 cellular telephones; and offers paging service in 25 metropolitan areas with more than 236,000 pagers in service. The company is headquartered in Chicago.
 -0- 3/27/92
 /CONTACT: Murray L. Swanson, executive vice president-finance of TDS, 312-630-1900; out-of-town media, please call collect/
 (TDS) CO: Telephone and Data Systems, Inc. ST: Illinois IN: TLS SU: OFR


GK -- NY010 -- 2249 03/27/92 08:49 EST
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Publication:PR Newswire
Date:Mar 27, 1992
Words:288
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