United States Cellular Corporation, a subsidiary of Telephone and Data Systems Inc., is currently involved in a significant financial maneuver with T-Mobile USA. T-Mobile has announced preliminary results for its offers to exchange specific senior notes issued by USCC, including those due in 2033, 2069, and two sets in 2070, with new notes issued by T-Mobile. This exchange offer is part of a broader strategy to modify or eliminate certain notice requirements and restrictive covenants in the existing indentures of USCC. The changes, detailed in USCC's recent Form 8-K, reflect a strategic shift aimed at optimizing the financial structuring and operational flexibility of the company.
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