US Cellular Discloses Value of Its Buys in Incentive Auction
U.S. Cellular disclosed it won 600 MHz licenses worth at least $327 million in the TV incentive auction, in an SEC filing. “With the completion of the Clock Phase of the auction, U.S. Cellular is now committed to purchase 600…
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MHz spectrum licenses on which it submitted bids for a minimum amount of $327 million, subject to increase as the FCC completes the Assignment Phase of the auction, which is pending,” the filing states. “U.S. Cellular expects to be obligated to pay for the total committed amount, less the $143 million upfront payment made in June 2016, in the second quarter of 2017. U.S. Cellular currently expects to make such payment using cash on hand and/or borrowings under its revolving credit agreement.”