CHICAGO-United States Cellular Corp. completed its $610 million acquisition of PrimeCo Wireless Communications L.L.C.’s Chicago major trading area market including its 20 megahertz spectrum licenses covering 13.2 million potential customers in four states and PrimeCo’s customers in the market.
U.S. Cellular said it will finance the purchase using its revolving lines of credit, proceeds from $175 million in 30 year notes initially bought by the seller and the proceeds from a $105 million loan from parent company Telephone and Data Systems Inc. U.S. Cellular also noted it raised approximately $160 million in cash when it entered into variable prepaid forward contracts related to its Vodafone AirTouch plc American Depositary Receipts.
