New Issue: MetroPCS upsizes to $1 billion, prices 7 7/8% eight-year notes at 99.277 to yield 8%

By Paul A. Harris

St. Louis, Sept. 7 - MetroPCS Communications, Inc. subsidiary MetroPCS Wireless, Inc. priced a massively upsized $1 billion issue of 7 7/8% eight-year senior notes (B2/B) at 99.277 to yield 8% on Tuesday, according to an informed source.

The yield printed at the tight end of the 8% to 8¼% price talk.

JPMorgan, Barclays Capital and Deutsche Bank Securities were the joint bookrunners for the quick-to-market deal, which was upsized from $500 million.

The Dallas-based wireless telecommunications company will use the proceeds to fund the tender offer for its existing 9¼% notes due 2014.

Issuer:	MetroPCS Wireless, Inc.
Amount:	$1 billion, upsized from $500 million
Maturity:	Sept. 1, 2018
Securities:	Senior notes
Bookrunners:	JPMorgan, Barclays Capital, Deutsche Bank Securities
Coupon:	7 7/8%
Price:	99.277
Yield:	8%
Spread:	579 basis points
Call protection:	Four years
Trade date:	Sept. 7
Settlement date:	Sept. 21
Ratings:	Moody's: B2
	Standard & Poor's: B
Distribution:	SEC registered
Price talk:	8% to 8¼%
Marketing:	Quick-to-market

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