Telephone and Data Systems, Inc. announced that it has entered into a credit agreement for a private placement with the $375 million on May 1, 2024. The transaction will include participation from new investors, Oaktree-TCDRS Strategic Credit, LLC, Oaktree Capital Management, L.P., Inprs Strategic Credit Holdings, Llc, Oaktree Direct Lending Fund Delaware Holdings Non-EURRC, L.P., Oaktree Direct Lending Fund Unlevered Delaware Holdings Non-EURRC, L.P., Oaktree Direct Lending Fund VCOC Delaware Holdings Non-EURRC, L.P., Oaktree Jalapeno Investment Fund, L.P., OAKTREE JALAPENO INVESTMENT FUND, L.P., OPPS TDS HOLDINGS, L.P., OPPS TDS DD HOLDINGS, L.P., VOF OPIF TDS HOLDINGS, L.P., OAKTREE MP TDS, LLC, Oaktree-Forrest Multi-Strategy, LLC, Oaktree-TBMR Strategic Credit Fund C, LLC, Oaktree-TBMR Strategic Credit Fund F, LLC, Oaktree-TBMR Strategic Credit Fund G, LLC, Oaktree-TSE 16 Strategic Credit, LLC, Oaktree Specialty Lending Corporation, Oaktree Strategic Credit Fund, a funds managed by Oaktree Fund Advisors, LLC. The company has issued unsecured term loan in the transaction.

The loan carries a floating rate of SOFR +7%. The note will mature in May 2029. The company has received $300 million in its first tranche.

The remaining amount may be drawn until November 2025.