Business: Telephone and Data Systems 6.625% Depositary Shares each representing a 1/1000 interest in a share of the Series UU Cumulative Redeemable Perpetual Preferred Stock, liquidation preference $25 per Depositary share, redeemable at the issuer's option on or after 03/31/2026 at $25 per Depositary share plus accrued and unpaid dividends, and with no stated maturity. <p> Cumulative distributions of 6.625% per annum ($1.65625 per annum or $0.4140625 per quarter) will be paid quarterly on 3/31, 6/30, 9/30 & 12/31 to holders of record on the 15th calendar day prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). Dividends paid by this preferred security are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also eligible for the dividends received deduction for corporate holders (see page S-36 of the prospectus for further information). <p> Upon the occurrence of a change of control the company will have the option within 120 days to redeem the preferred shares at $25 per share plus accrued and unpaid dividends. If the company has exercised their redemption right, the holders will NOT have the following conversion right. Upon the occurrence of a change of control, and the company has NOT provided notice that they intend to redeem the preferred shares, the holder will have the right to convert the preferred shares into common shares under certain circumstances (see the prospectus for details). <p> The Company may redeem the Depositary Shares before 03/31/2026 at $25.50 (102%) of their principal amount plus accrued and unpaid dividends if a rating agency event occurs. (see prospectus for further information). <p> This security was rated as Ba3 by Moody’s and B by S&P at the date of its IPO. This security was rated as BB- by Fitch Ratings Co. at the date of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.