[8-K] United States Cellular Corporation 5.500% Senior Notes due 2070 Reports Material Event
XOMA Royalty Corporation (Parent) and its wholly-owned subsidiary XRA 4 Corp. (Merger Sub) have filed a Schedule TO-C announcing their intent to acquire all outstanding shares of HilleVax, Inc. (HLVX) via a third-party tender offer.
The planned offer will be launched under an Agreement and Plan of Merger dated 4 Aug 2025; however, no pricing, consideration mix, or expected closing date is disclosed. When the offer formally begins, the Buyer Entities will file a full Schedule TO and HilleVax will respond with a Schedule 14D-9. A press release (Exhibit 99.1) accompanies this pre-commencement communication.
The filing contains extensive forward-looking-statement disclaimers. Key risks cited include potential competing offers, litigation, failure to meet closing conditions, possible termination of the Merger Agreement, and uncertainties tied to Contingent Value Rights payments. Until the tender documents are filed and the offer commences, shareholders are urged to await the official materials before deciding whether to tender their shares.
XOMA Royalty Corporation (società madre) e la sua controllata al 100% XRA 4 Corp. (società di fusione) hanno presentato un Schedule TO-C annunciando l'intenzione di acquisire tutte le azioni in circolazione di HilleVax, Inc. (HLVX) tramite un'offerta pubblica di acquisto da parte di terzi.
L'offerta prevista sarà lanciata in base a un Accordo e Piano di Fusione datato 4 agosto 2025; tuttavia, non sono stati comunicati il prezzo, la composizione della controparte né la data prevista di chiusura. Quando l'offerta avrà inizio ufficialmente, le entità acquirenti presenteranno un Schedule TO completo e HilleVax risponderà con un Schedule 14D-9. Un comunicato stampa (Allegato 99.1) accompagna questa comunicazione preliminare.
Il deposito contiene ampie clausole di esclusione di responsabilità relative a dichiarazioni previsionali. I principali rischi citati includono possibili offerte concorrenti, contenziosi, mancato rispetto delle condizioni di chiusura, possibile risoluzione dell'Accordo di Fusione e incertezze legate ai pagamenti dei Diritti di Valore Contingente. Fino a quando i documenti dell'offerta non saranno depositati e l'offerta non inizierà, si invita gli azionisti ad attendere i materiali ufficiali prima di decidere se aderire all'offerta.
XOMA Royalty Corporation (matriz) y su subsidiaria de propiedad total XRA 4 Corp. (subsidiaria de fusión) han presentado un Schedule TO-C anunciando su intención de adquirir todas las acciones en circulación de HilleVax, Inc. (HLVX) mediante una oferta pública de adquisición de terceros.
La oferta planificada se lanzará bajo un Acuerdo y Plan de Fusión fechado el 4 de agosto de 2025; sin embargo, no se han revelado el precio, la combinación de contraprestaciones ni la fecha prevista de cierre. Cuando la oferta comience formalmente, las entidades compradoras presentarán un Schedule TO completo y HilleVax responderá con un Schedule 14D-9. Un comunicado de prensa (Anexo 99.1) acompaña esta comunicación previa al inicio.
La presentación contiene amplias exenciones de responsabilidad sobre declaraciones prospectivas. Los riesgos clave citados incluyen posibles ofertas competidoras, litigios, incumplimiento de condiciones de cierre, posible terminación del Acuerdo de Fusión e incertidumbres relacionadas con pagos de Derechos de Valor Contingente. Hasta que se presenten los documentos de la oferta y esta comience, se insta a los accionistas a esperar los materiales oficiales antes de decidir si aceptan la oferta.
XOMA Royalty Corporation(모회사)와 그 100% 자회사 XRA 4 Corp.(합병 자회사)는 제3자 공개 매수 방식으로 HilleVax, Inc.(HLVX)의 모든 발행 주식을 인수할 의사를 밝히는 Schedule TO-C를 제출했습니다.
예정된 제안은 2025년 8월 4일자 합병 계약서에 따라 진행될 예정이나, 가격, 대가 구성, 예상 종결일은 공개되지 않았습니다. 제안이 공식적으로 시작되면, 매수 주체들은 완전한 Schedule TO를 제출하고 HilleVax는 Schedule 14D-9로 대응할 것입니다. 본 사전 통지에는 보도 자료(부속서 99.1)가 첨부되어 있습니다.
신고서에는 광범위한 미래예측 진술 면책 조항이 포함되어 있습니다. 주요 위험 요소로는 경쟁 제안 가능성, 소송, 종결 조건 미충족, 합병 계약 해제 가능성, 우발 가치권 지급 관련 불확실성 등이 언급되었습니다. 입찰 서류 제출 및 제안 시작 전까지 주주들은 공식 자료를 기다린 후 주식 제출 여부를 결정할 것을 권고합니다.
XOMA Royalty Corporation (société mère) et sa filiale détenue à 100 % XRA 4 Corp. (filiale de fusion) ont déposé un Schedule TO-C annonçant leur intention d'acquérir toutes les actions en circulation de HilleVax, Inc. (HLVX) via une offre publique d'achat tierce.
L'offre prévue sera lancée en vertu d'un Accord et Plan de Fusion daté du 4 août 2025 ; cependant, aucun prix, composition de la contrepartie ni date de clôture prévue n'ont été divulgués. Lorsque l'offre débutera officiellement, les entités acheteuses déposeront un Schedule TO complet et HilleVax répondra par un Schedule 14D-9. Un communiqué de presse (Annexe 99.1) accompagne cette communication préliminaire.
Le dépôt contient de nombreuses clauses de non-responsabilité relatives aux déclarations prospectives. Les principaux risques cités incluent d'éventuelles offres concurrentes, des litiges, le non-respect des conditions de clôture, une résiliation possible de l'Accord de Fusion, ainsi que des incertitudes liées aux paiements de droits à valeur conditionnelle. Jusqu'au dépôt des documents d'offre et au début de l'offre, il est conseillé aux actionnaires d'attendre les documents officiels avant de décider d'apporter leurs actions.
XOMA Royalty Corporation (Muttergesellschaft) und ihre hundertprozentige Tochtergesellschaft XRA 4 Corp. (Fusions-Tochter) haben ein Schedule TO-C eingereicht, in dem sie ihre Absicht ankündigen, alle ausstehenden Aktien von HilleVax, Inc. (HLVX) durch ein Übernahmeangebot eines Dritten zu erwerben.
Das geplante Angebot wird auf Grundlage eines Fusionsvertrags vom 4. August 2025 gestartet; jedoch wurden weder Preis, Zusammensetzung der Gegenleistung noch ein erwartetes Abschlussdatum bekanntgegeben. Sobald das Angebot offiziell beginnt, werden die Käufer eine vollständige Schedule TO einreichen und HilleVax mit einer Schedule 14D-9 antworten. Eine Pressemitteilung (Anlage 99.1) begleitet diese Vorankündigung.
Die Einreichung enthält umfangreiche Haftungsausschlüsse für zukunftsgerichtete Aussagen. Wesentliche Risiken umfassen mögliche konkurrierende Angebote, Rechtsstreitigkeiten, Nichterfüllung der Abschlussbedingungen, mögliche Beendigung des Fusionsvertrags sowie Unsicherheiten im Zusammenhang mit Zahlungen aus bedingten Wertrechten. Bis die Angebotsunterlagen eingereicht sind und das Angebot beginnt, werden die Aktionäre aufgefordert, auf die offiziellen Unterlagen zu warten, bevor sie über die Annahme entscheiden.
- Announcement of intent to launch a full tender offer provides potential exit/liquidity for HilleVax shareholders once terms are disclosed.
- No financial terms disclosed, making it impossible to judge valuation or premium.
- Extensive risk factors highlight significant execution uncertainty, including competing bids and regulatory hurdles.
Insights
TL;DR – Pre-commencement filing signals intent, but lack of terms keeps impact neutral.
This Schedule TO-C simply announces XOMA’s plan to launch a tender for all HLVX shares. Because price, structure, and financing details are absent, investors cannot yet assess premium, accretion, or likelihood of completion. Materiality hinges on forthcoming Schedule TO economics and regulatory clearance. At this stage, the filing is informative but not actionable.
TL;DR – Potential liquidity event, but execution risk remains high.
An eventual all-share acquisition could unlock value for HilleVax holders, yet the document emphasizes numerous contingencies—regulatory approvals, competing bids, CVR triggers, and possible deal termination. Without financial terms, market reaction should be muted until the tender offer officially launches.
XOMA Royalty Corporation (società madre) e la sua controllata al 100% XRA 4 Corp. (società di fusione) hanno presentato un Schedule TO-C annunciando l'intenzione di acquisire tutte le azioni in circolazione di HilleVax, Inc. (HLVX) tramite un'offerta pubblica di acquisto da parte di terzi.
L'offerta prevista sarà lanciata in base a un Accordo e Piano di Fusione datato 4 agosto 2025; tuttavia, non sono stati comunicati il prezzo, la composizione della controparte né la data prevista di chiusura. Quando l'offerta avrà inizio ufficialmente, le entità acquirenti presenteranno un Schedule TO completo e HilleVax risponderà con un Schedule 14D-9. Un comunicato stampa (Allegato 99.1) accompagna questa comunicazione preliminare.
Il deposito contiene ampie clausole di esclusione di responsabilità relative a dichiarazioni previsionali. I principali rischi citati includono possibili offerte concorrenti, contenziosi, mancato rispetto delle condizioni di chiusura, possibile risoluzione dell'Accordo di Fusione e incertezze legate ai pagamenti dei Diritti di Valore Contingente. Fino a quando i documenti dell'offerta non saranno depositati e l'offerta non inizierà, si invita gli azionisti ad attendere i materiali ufficiali prima di decidere se aderire all'offerta.
XOMA Royalty Corporation (matriz) y su subsidiaria de propiedad total XRA 4 Corp. (subsidiaria de fusión) han presentado un Schedule TO-C anunciando su intención de adquirir todas las acciones en circulación de HilleVax, Inc. (HLVX) mediante una oferta pública de adquisición de terceros.
La oferta planificada se lanzará bajo un Acuerdo y Plan de Fusión fechado el 4 de agosto de 2025; sin embargo, no se han revelado el precio, la combinación de contraprestaciones ni la fecha prevista de cierre. Cuando la oferta comience formalmente, las entidades compradoras presentarán un Schedule TO completo y HilleVax responderá con un Schedule 14D-9. Un comunicado de prensa (Anexo 99.1) acompaña esta comunicación previa al inicio.
La presentación contiene amplias exenciones de responsabilidad sobre declaraciones prospectivas. Los riesgos clave citados incluyen posibles ofertas competidoras, litigios, incumplimiento de condiciones de cierre, posible terminación del Acuerdo de Fusión e incertidumbres relacionadas con pagos de Derechos de Valor Contingente. Hasta que se presenten los documentos de la oferta y esta comience, se insta a los accionistas a esperar los materiales oficiales antes de decidir si aceptan la oferta.
XOMA Royalty Corporation(모회사)와 그 100% 자회사 XRA 4 Corp.(합병 자회사)는 제3자 공개 매수 방식으로 HilleVax, Inc.(HLVX)의 모든 발행 주식을 인수할 의사를 밝히는 Schedule TO-C를 제출했습니다.
예정된 제안은 2025년 8월 4일자 합병 계약서에 따라 진행될 예정이나, 가격, 대가 구성, 예상 종결일은 공개되지 않았습니다. 제안이 공식적으로 시작되면, 매수 주체들은 완전한 Schedule TO를 제출하고 HilleVax는 Schedule 14D-9로 대응할 것입니다. 본 사전 통지에는 보도 자료(부속서 99.1)가 첨부되어 있습니다.
신고서에는 광범위한 미래예측 진술 면책 조항이 포함되어 있습니다. 주요 위험 요소로는 경쟁 제안 가능성, 소송, 종결 조건 미충족, 합병 계약 해제 가능성, 우발 가치권 지급 관련 불확실성 등이 언급되었습니다. 입찰 서류 제출 및 제안 시작 전까지 주주들은 공식 자료를 기다린 후 주식 제출 여부를 결정할 것을 권고합니다.
XOMA Royalty Corporation (société mère) et sa filiale détenue à 100 % XRA 4 Corp. (filiale de fusion) ont déposé un Schedule TO-C annonçant leur intention d'acquérir toutes les actions en circulation de HilleVax, Inc. (HLVX) via une offre publique d'achat tierce.
L'offre prévue sera lancée en vertu d'un Accord et Plan de Fusion daté du 4 août 2025 ; cependant, aucun prix, composition de la contrepartie ni date de clôture prévue n'ont été divulgués. Lorsque l'offre débutera officiellement, les entités acheteuses déposeront un Schedule TO complet et HilleVax répondra par un Schedule 14D-9. Un communiqué de presse (Annexe 99.1) accompagne cette communication préliminaire.
Le dépôt contient de nombreuses clauses de non-responsabilité relatives aux déclarations prospectives. Les principaux risques cités incluent d'éventuelles offres concurrentes, des litiges, le non-respect des conditions de clôture, une résiliation possible de l'Accord de Fusion, ainsi que des incertitudes liées aux paiements de droits à valeur conditionnelle. Jusqu'au dépôt des documents d'offre et au début de l'offre, il est conseillé aux actionnaires d'attendre les documents officiels avant de décider d'apporter leurs actions.
XOMA Royalty Corporation (Muttergesellschaft) und ihre hundertprozentige Tochtergesellschaft XRA 4 Corp. (Fusions-Tochter) haben ein Schedule TO-C eingereicht, in dem sie ihre Absicht ankündigen, alle ausstehenden Aktien von HilleVax, Inc. (HLVX) durch ein Übernahmeangebot eines Dritten zu erwerben.
Das geplante Angebot wird auf Grundlage eines Fusionsvertrags vom 4. August 2025 gestartet; jedoch wurden weder Preis, Zusammensetzung der Gegenleistung noch ein erwartetes Abschlussdatum bekanntgegeben. Sobald das Angebot offiziell beginnt, werden die Käufer eine vollständige Schedule TO einreichen und HilleVax mit einer Schedule 14D-9 antworten. Eine Pressemitteilung (Anlage 99.1) begleitet diese Vorankündigung.
Die Einreichung enthält umfangreiche Haftungsausschlüsse für zukunftsgerichtete Aussagen. Wesentliche Risiken umfassen mögliche konkurrierende Angebote, Rechtsstreitigkeiten, Nichterfüllung der Abschlussbedingungen, mögliche Beendigung des Fusionsvertrags sowie Unsicherheiten im Zusammenhang mit Zahlungen aus bedingten Wertrechten. Bis die Angebotsunterlagen eingereicht sind und das Angebot beginnt, werden die Aktionäre aufgefordert, auf die offiziellen Unterlagen zu warten, bevor sie über die Annahme entscheiden.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Introduction
On August 1, 2025, Array Digital Infrastructure, Inc. (formerly known as United States Cellular Corporation) (“Array”) completed the previously announced sale of its wireless operations to T-Mobile US, Inc. (“Buyer”), pursuant to the terms of that certain Securities Purchase Agreement (the “Purchase Agreement”), dated as of May 24, 2024, among Telephone and Data Systems, Inc. (“TDS”), Array, Buyer and USCC Wireless Holdings, LLC.
Item 1.01. Entry into a Material Definitive Agreement
Master License Agreement
On August 1, 2025, in connection with the consummation of the transactions contemplated by the Purchase Agreement (the “Closing”), ADI Leasing Company, LLC, a subsidiary of Array (“Licensor”), and T-Mobile USA, Inc., a subsidiary of Buyer (“Licensee” or “T-Mobile USA” and, together with Buyer, “T-Mobile”), entered into the previously disclosed Master License Agreement (the “MLA”), pursuant to which, among other things, Licensee has agreed to license from Licensor, for a minimum of 15 years, space on a minimum of 2,015 existing or to-be-constructed towers owned by Licensor and its affiliates (the “Commitment”). As set forth in the MLA, the Commitment is subject to reduction in certain instances, including in the event of third-party consents not obtained with respect to certain sites subject to the MLA. In addition, the MLA provides for an interim license, for up to 30 months, on an additional approximately 1,800 towers owned by Licensor and its affiliates in order to ensure a smooth transition.
Further, pursuant to the MLA, Licensee has agreed to extend the license term for the approximately 600 towers owned by Licensor and its affiliates on which Licensee or its affiliates is already a tenant (the “Existing Sites”) for a new 15-year term commencing as of the date of the MLA. The Existing Sites are governed by certain existing agreements between Licensor and its affiliates, on the one hand, and Licensee and its affiliates, on the other hand (the “Prior Agreements”), and except for the license term extension described in the foregoing sentence, all other terms and conditions of the Prior Agreements will continue to govern the Existing Sites and the other terms and conditions of the MLA, including those terms of the MLA described below, will not apply to the Existing Sites.
The MLA provides for specified license fees for the various categories of towers. Other than for interim sites, the license fees are subject to an annual escalator applicable after the first year. The license fee for specific sites is subject to adjustment as described in the MLA, including reduced site fees for microwave only sites. In addition to the license fee, the MLA provides for certain additional fees and costs payable by Licensee to Licensor and reimbursement of certain revenue share charges.
The initial site license term for each site licensed under the MLA, other than interim sites, will automatically renew for up to four additional terms of five years each, unless Licensee provides written notice of its intention not to renew in accordance with the terms of the MLA. For a site licensed under the MLA, among other customary termination rights, Licensee may terminate a site (a) for convenience after the initial site license term for such site by providing prior notice and payment of a termination fee equal to 12 months’ license fee at the then current rate; provided, however, such termination right does not apply during the initial 15-year site license term for committed sites, (b) in certain instances if a governmental approval for such site is rejected, lost, canceled or withdrawn and (c) in the case of interim sites, upon notice to Licensor during the interim site license term. If Licensee terminates certain interim sites, Licensor will be solely responsible for any costs associated with the decommission and disposition of the antenna facilities.
Licensor and Licensee have each made various representations and warranties and have agreed to specified covenants set forth in the MLA. In addition, the MLA contains events of default applicable to Licensor and Licensee.
The foregoing description of the MLA is not complete and is qualified in its entirety by the terms and conditions of the MLA, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated in this Current Report on Form 8-K by reference. The MLA has been incorporated as an Exhibit to this Current Report on Form 8-K to provide investors with information regarding its terms and not to provide investors with any other factual information about the parties to the MLA or the assets that are subject to the MLA. The MLA contains representations and warranties that have been made solely for the purposes of the MLA. The representations and warranties may be subject to important qualifications and limitations agreed to by the parties in connection with negotiating the MLA and allocating risk among the parties. Such representations and warranties were made only as of the dates specified in the MLA and information may change after the date of the MLA. Therefore, the representations and warranties should not be relied upon as statements of factual information.
Item 1.02. Termination of a Material Definitive Agreement
Array Securitization Facility
Array maintained a securitization facility that permitted its subsidiary to borrow money by issuing notes backed by equipment installment plan receivables and was evidenced by: (a) the Amended and Restated Series 2017-VFN Note Purchase Agreement, dated as of October 23, 2020, among USCC Receivables Funding LLC, as transferor, USCC Master Note Trust, as issuer, USCC Services, LLC, as servicer, Array, as performance guarantor, and Royal Bank of Canada, as administrative agent for owners of the notes (as amended, restated, supplemented and otherwise modified from time to time); (b) the Master Indenture for asset-backed notes, dated as of December 20, 2017, among USCC Master Note Trust, USCC Services, LLC and U.S. Bank National Association, as indenture trustee; and (c) certain ancillary agreements (collectively, the “Securitization Facility”). Array previously repaid substantially all of the debt borrowed under the Securitization Facility and, effective on July 31, 2025, Array paid in full and terminated the Securitization Facility.
Array did not incur any termination penalties as a result of the termination of the Securitization Facility.
Array Bank Facilities
Effective on August 4, 2025, in connection with the receipt of proceeds from the Closing, Array paid (or will pay) in full all indebtedness and other obligations outstanding under, and terminated (or will terminate): (a) the Senior Term Loan Credit Agreement, dated as of December 9, 2021, among Array, Toronto Dominion (Texas) LLC, as administrative agent, and the lenders party thereto (as amended, restated, supplemented and otherwise modified from time to time) and (b) the Credit Agreement, dated as of December 17, 2021, among Array, Citibank, N.A., as administrative agent, and the lenders party thereto (as amended, restated, supplemented and otherwise modified from time to time) (collectively, the “Array Bank Facilities”).
Array will not incur any termination penalties as a result of the termination of the Array Bank Facilities.
Item 2.01. Completion of Acquisition or Disposition of Assets
The information provided in the Introduction of this Current Report on Form 8-K is incorporated into this Item 2.01 by reference.
On August 1, 2025, pursuant to the terms of the Purchase Agreement and each of the agreements ancillary to the Purchase Agreement, the transactions contemplated by the Purchase Agreement (the “Transactions”) were consummated, as described below. As a result of the Transactions, among other things, Array’s wireless operations and select spectrum assets were sold to Buyer.
The purchase price received by Array at the Closing pursuant to the Purchase Agreement, after giving effect to adjustments pursuant thereto at Closing, was approximately $4.3 billion in the aggregate (the “Adjusted Purchase Price”), with approximately $2.6 billion of the Adjusted Purchase Price being paid in cash and approximately $1.7 billion of the Adjusted Purchase Price being paid through the acceptance by Buyer in the Exchange Offer (as defined below) of outstanding Array Notes (as defined below). The Adjusted Purchase Price is subject to a potential post-Closing adjustment, in cash, as further described in Array’s Current Report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on May 28, 2024 and in the Purchase Agreement.
As previously disclosed, $400,000,000 of the purchase price provided in the Purchase Agreement was allocated to certain spectrum licenses (the “Designated Entity Spectrum Licenses”) held by entities in which Array now holds 100% of the equity interests. The closing of the sale of the Designated Entity Spectrum Licenses to Buyer occurred at the Closing and, accordingly, no portion of the purchase price was deferred.
The Transactions were previously described in the Information Statement filed by Array with the SEC on July 26, 2024.
Array has included as Exhibit 99.1 to this Current Report on Form 8-K unaudited pro forma condensed consolidated financial information to illustrate the pro forma effects of the Transactions.
Item 3.03 Material Modification to Rights of Security Holders
The information provided in Item 8.01 under the heading “Exchange Offer and Consent Solicitation” of this Current Report on Form 8-K is incorporated into this Item 3.03 by reference.
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Array Directors
On August 1, 2025, in connection with the Closing, the following directors of Array resigned from the Board of Directors of Array (the “Array Board”) and from any and all Array Board committees on which they served and ceased to be directors of Array: Deirdre C. Drake, Michael S. Irizarry, Gregory P. Josefowicz, Cecelia D. Stewart and Laurent C. Therivel. The resignations were not due to any disagreement with Array on any matter relating to Array’s operations, policies or practices. Harry J. Harczak, Jr., Esteban C. Iriarte and Xavier D. Williams will continue as independent directors of the Array Board, and on August 1, 2025, the Array Board appointed Mr. Iriarte to serve on the Audit Committee of the Array Board.
In addition, on August 1, 2025, the Array Board elected Joseph R. Hanley to serve as member of the Array Board and fixed the size of the Array Board at nine directors. Mr. Hanley is the Senior Vice President-Strategy and Corporate Development of TDS. Mr. Hanley does not have any direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.
Array Executive Officers
On August 1, 2025, in connection with the Closing, each of Michael S. Irizarry, Kevin R. Lowell and Laurent C. Therivel ceased to be an executive officer of Array. In connection with the Closing, each of Messrs. Irizarry, Lowell and Therivel also separated from employment with Array and received compensation consistent with their previously disclosed arrangements.
In addition, as previously disclosed, Douglas W. Chambers became interim President and Chief Executive Officer of Array effective upon the Closing and, consequently, Mr. Chambers ceased to serve as Executive Vice President, Chief Financial Officer and Treasurer of Array. On August 1, 2025, Vicki L. Villacrez assumed the position of Executive Vice President, Chief Financial Officer and Treasurer of Array.
Ms. Villacrez, 63, has been a member of the Board of Directors of TDS since 2023 and a member of the Array Board since 2022. Ms. Villacrez is currently TDS’ Executive Vice President and Chief Financial Officer and has held that position since 2022. Ms. Villacrez was previously Senior Financial Advisor of TDS from February 2022 to May 2022, Senior Vice President Finance and Chief Financial Officer of TDS Telecommunications LLC, a wholly owned subsidiary of TDS (“TDS Telecom”), from 2017 to 2022 and Vice President Finance and Chief Financial Officer of TDS Telecom from 2012 to 2017. Prior to that, Ms. Villacrez held several financial leadership positions with growing responsibility at TDS, including leading Financial Analysis and Strategic Planning. Ms. Villacrez does not have any direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.
Also, on August 1, 2025, Walter C.D. Carlson succeeded LeRoy T. Carlson, Jr. as Chair of Array.
Item 5.03. Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
Array Amendments
On August 1, 2025, Array filed with the Secretary of State of the State of Delaware a Certificate of Amendment No. 1 to the Restated Certificate of Incorporation of United States Cellular Corporation (the “Charter Amendment”) to change the name of Array from “United States Cellular Corporation” to “Array Digital Infrastructure, Inc.”, which became effective upon filing (the “Name Change”). In connection with the Name Change, Array’s Common Stock, par value $1.00 per share (“Common Stock”), is expected to begin trading under the new ticker symbol “AD” on August 12, 2025 (the “Symbol Change”).
The Name Change and the Symbol Change do not affect the rights of Array’s security holders. Array’s Common Stock will continue to be quoted on the New York Stock Exchange. Following the Name Change, stock certificates which reflect the former name of Array will continue to be valid.
Pursuant to Section 242 of the Delaware General Corporation Law, approval of the holders of Array’s Common Stock was not required to complete the Name Change or to approve or effect the Charter Amendment. The Charter Amendment is filed as Exhibit 3.1 to this Current Report on Form 8-K and is incorporated in this Current Report on Form 8-K by reference.
In connection with the Charter Amendment, on August 1, 2025, the Array Board adopted the Amended and Restated Bylaws of Array (the “A&R Bylaws”) to reflect the Name Change. In addition, the A&R Bylaws (a) delete the reference in Section 3.5 to the Long-Term Incentive Compensation Committee of the Array Board and (b) delete the provision in Section 2.2 that prescribes a fixed range for the number of members of the Array Board. The A&R Bylaws are filed as Exhibit 3.2 to this Current Report on Form 8-K and are incorporated in this Current Report on Form 8-K by reference.
Item 7.01. Regulation FD Disclosure
On August 1, 2025, Array and TDS issued a joint press release announcing the Closing and related matters. A copy of the press release is furnished as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated into this Item 7.01 in this Current Report on Form 8-K by reference.
Item 8.01. Other Events
Exchange Offer and Consent Solicitation
On August 1, 2025, T-Mobile announced that, as of 5:00 p.m., New York City time, on August 1, 2025, the aggregate principal amount of the four series of notes described below had been validly tendered and not validly withdrawn in connection with the previously announced offers to exchange (the “Exchange Offers”), pursuant to which T-Mobile offered to exchange all validly tendered and accepted 6.700% Senior Notes due 2033 (the “Array 2033 Notes”), 6.250% Senior Notes due 2069 (the “Array 2069 Notes”), 5.500% Senior Notes due 2070 (March) (the “Array March 2070 Notes”) and 5.500% Senior Notes due 2070 (June) (the “Array June 2070 Notes” and together with the Array 2033 Notes, Array 2069 Notes and Array March 2070 Notes, the “Array Notes”) issued by Array for new notes to be issued by T-Mobile USA (the “New T-Mobile Notes”), as described in the Exchange Offers. Pursuant to the Exchange Offers, the aggregate principal amounts of the Array Notes set forth below were validly tendered and accepted:
| (a) | $488,941,000 aggregate principal amount of Array 2033 Notes; |
| (b) | $394,177,750 aggregate principal amount of Array 2069 Notes; |
| (c) | $401,502,000 aggregate principal amount of Array March 2070 Notes; and |
| (d) | $395,450,250 aggregate principal amount of Array June 2070 Notes. |
Closing of the Exchange Offers and the cancellation of the Array Notes accepted for exchange is expected to occur on August 5, 2025. Following such cancellation, $55,059,000 aggregate principal amount of Array 2033 Notes, $105,822,250 aggregate principal amount of Array 2069 Notes, $98,498,000 aggregate principal amount of Array March 2070 Notes and $104,549,750 aggregate principal amount of Array June 2070 Notes will remain outstanding (collectively, the “Remaining Array Notes”).
In connection with the Exchange Offers, T-Mobile also solicited consents from holders of the Array Notes to, among other things, modify or eliminate certain notice requirements and restrictive covenants in the Array Existing Indentures (as defined below) (the “Proposed Amendments”). As previously described in Array’s Current Report on Form 8-K filed with the SEC on June 20, 2025, the solicitation of consents was successful for each series of Array Notes and, accordingly, Array entered into:
| (a) | the twelfth supplemental indenture, dated as of June 17, 2025 (the “Array Twelfth Supplemental Indenture”), between Array and The Bank of New York Mellon Trust Company, N.A. (formerly known as The Bank of New York Trust Company, N.A., as successor to BNY Midwest Trust Company), as trustee (the “Trustee”), to the indenture, dated as of June 1, 2002 (the “Array Base Indenture”), as supplemented by the Third Supplemental Indenture, dated as of December 3, 2003 (the “Third Supplemental Indenture”) and the Fifth Supplemental Indenture, dated as of June 21, 2004 (the “Fifth Supplemental Indenture”) relating to the Array 2033 Notes; |
| (b) | the thirteenth supplemental indenture, dated as of June 17, 2025 (the “Array Thirteenth Supplemental Indenture”), between Array and the Trustee, to the Array Base Indenture, as supplemented by the Ninth Supplemental Indenture, dated as of August 12, 2020 (the “Ninth Supplemental Indenture”) relating to the Array 2069 Notes; |
| (c) | the fourteenth supplemental indenture, dated as of June 17, 2025 (the “Array Fourteenth Supplemental Indenture”), between Array and the Trustee, to the Array Base Indenture, as supplemented by the Tenth Supplemental Indenture, dated as of December 2, 2020 (the “Tenth Supplemental Indenture”) relating to the Array March 2070 Notes; and |
| (d) | the fifteenth supplemental indenture, dated as of June 17, 2025 (the “Array Fifteenth Supplemental Indenture” and together with the Array Twelfth Supplemental Indenture, the Array Thirteenth Supplemental Indenture and the Array Fourteenth Supplemental Indenture, the “Array Supplemental Indentures”), between Array and the Trustee, to the Array Base Indenture, as supplemented by the Eleventh Supplemental Indenture, dated as of May 17, 2021 (the “Eleventh Supplemental Indenture” and collectively with the Third Supplemental Indenture, the Fifth Supplemental Indenture, the Ninth Supplemental Indenture, the Tenth Supplemental Indenture and the Array Base Indenture, the “Array Existing Indentures”) relating to the Array June 2070 Notes. |
The Array Supplemental Indentures were entered into to adopt the Proposed Amendments and became operative with respect to the Remaining Array Notes upon the Closing; provided, that if the settlement date with respect to the issuance of the New T-Mobile Notes has not occurred within five business days following the Closing, the amendments previously effected shall be deemed null and void as if they had not occurred.
The foregoing description of the Array Existing Indentures and the Array Supplemental Indentures is not complete and is qualified in its entirety by the terms and conditions of the Array Supplemental Indentures, copies of which were filed as Exhibits 4.1, 4.2, 4.3 and 4.4 to Array’s Current Report on Form 8-K filed with the SEC on June 20, 2025 and are incorporated in this Current Report on Form 8-K by reference.
Array Special Dividend
On August 1, 2025, the Array Board declared a special cash dividend to Array stockholders in an amount equal to $23.00 per share of Array’s Series A Common Stock, par value $1.00 per share, and Common Stock, payable in cash to the stockholders of record as of August 11, 2025. The payment date in respect of the dividend is scheduled for August 19, 2025.
Array 2025 Annual Meeting
On August 1, 2025, the Array Board determined that Array’s 2025 annual meeting of stockholders (the “2025 Annual Meeting”) will be held on October 9, 2025, provided that the Array Board reserves the right to change the date of the 2025 Annual Meeting prior thereto. Additional information regarding the 2025 Annual Meeting can be found in Array’s definitive proxy statement for the 2025 Annual Meeting to be filed with the SEC.
Pursuant to Rule 14a-8 under the Securities Exchange Act of 1934, as amended, proposals of stockholders intended to be included in Array’s proxy statement and form of proxy relating to the 2025 Annual Meeting must be received by Array’s Corporate Secretary at Array’s principal executive offices not later than August 11, 2025 and must otherwise comply with the requirements of Rule 14a-8.
In addition, pursuant to Array’s A&R Bylaws, proposals by stockholders intended to be presented at the 2025 Annual Meeting (other than proposals submitted pursuant to Rule 14a-8) must be received by Array’s Corporate Secretary at Array’s principal executive offices not later than the close of business on August 11, 2025 for consideration at the 2025 Annual Meeting and must otherwise comply with the procedures set forth in Array’s A&R Bylaws.
Pursuant to Array’s A&R Bylaws, nominations by a stockholder for election to the Array Board must be received by Array’s Corporate Secretary at Array’s principal executive offices not later than the close of business on August 11, 2025 for consideration at the 2025 Annual Meeting and must otherwise comply with the procedures set forth in Array’s A&R Bylaws.
Item 9.01. Financial Statements and Exhibits
(b) Pro forma financial information
Certain unaudited pro forma condensed consolidated financial information to illustrate the pro forma effects of the Transactions is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated in this Current Report on Form 8-K by reference.
(d) The following exhibits are being filed herewith:
| Exhibit Number | Description of Exhibits | |
| 3.1 | Certificate of Amendment No. 1 to the Restated Certificate of Incorporation of United States Cellular Corporation, dated as of August 1, 2025. | |
| 3.2 | Amended and Restated Bylaws of Array Digital Infrastructure, Inc., as adopted on August 1, 2025. | |
| 4.1 | Twelfth Supplemental Indenture, dated as of June 17, 2025, between Array Digital Infrastructure, Inc. and The Bank of New York Mellon Trust Company, N.A., related to Array Digital Infrastructure, Inc.’s 6.700% Senior Notes due 2033 (incorporated herein by reference to Exhibit 4.1 to Array’s Current Report on Form 8-K (File No. 001-09712) filed with the SEC on June 20, 2025). | |
| 4.2 | Thirteenth Supplemental Indenture, dated as of June 17, 2025, between Array Digital Infrastructure, Inc. and The Bank of New York Mellon Trust Company, N.A., related to Array Digital Infrastructure, Inc.’s 6.250% Senior Notes due 2069 (incorporated herein by reference to Exhibit 4.2 to Array’s Current Report on Form 8-K (File No. 001-09712) filed with the SEC on June 20, 2025). | |
| 4.3 | Fourteenth Supplemental Indenture, dated as of June 17, 2025, between Array Digital Infrastructure, Inc. and The Bank of New York Mellon Trust Company, N.A., related to Array Digital Infrastructure, Inc.’s 5.500% Senior Notes due 2070 (March) (incorporated herein by reference to Exhibit 4.3 to Array’s Current Report on Form 8-K (File No. 001-09712) filed with the SEC on June 20, 2025). | |
| 4.4 | Fifteenth Supplemental Indenture, dated as of June 17, 2025, between Array Digital Infrastructure, Inc. and The Bank of New York Mellon Trust Company, N.A., related to Array Digital Infrastructure, Inc.’s 5.500% Senior Notes due 2070 (June) (incorporated herein by reference to Exhibit 4.4 to Array’s Current Report on Form 8-K (File No. 001-09712) filed with the SEC on June 20, 2025). | |
| 10.1*+ | Master License Agreement, dated as of August 1, 2025, between ADI Leasing Company, LLC and T-Mobile USA, Inc.*+ | |
| 99.1 | Unaudited pro forma condensed consolidated financial information. | |
| 99.2 | Press Release, dated August 1, 2025. | |
| 104 |
Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
*Pursuant to Item 601(b) of Regulation S-K, certain exhibits, schedules and similar attachments have been omitted; exhibits, schedules and other attachments will be provided to the SEC upon request.
+Pursuant to Item 601(b)(10) of Regulation S-K, certain portions of this exhibit have been redacted; an unredacted copy of this exhibit will be provided to the SEC upon request. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| ARRAY DIGITAL INFRASTRUCTURE, INC. | |||
| Date: | August 4, 2025 | By: | /s/ Vicki L. Villacrez |
| Vicki L. Villacrez | |||
| Executive Vice President, Chief Financial Officer and Treasurer | |||
FAQ
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