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MetroPCS Communications plans two 'benchmark-sized' issues
By Paul Deckelman
New York, March 4 - MetroPCS Communications, Inc. announced plans late Monday to sell two big "benchmark-sized" tranches of senior notes.
The Dallas-based prepaid wireless telecommunications company did not offer any more specific information as to the size of the prospective bond deal or the individual tranches, their maturities or the structure of the notes.
MetroPCS said that the notes would actually be sold by its wholly owned indirect subsidiary, MetroPCS Wireless Inc., under Rule 144A and Regulation S.
The company said that MetroPCS Wireless would deposit the anticipated proceeds of the bond deal into a segregated account and keep those proceeds on hand "at all times in cash or cash equivalents."
The company added that if its pending merger with larger sector peer T-Mobile USA, Inc. is completed, the proceeds would be used to repay the outstanding amounts owed under its existing senior secured credit facility, to pay liabilities under related interest-rate protection agreements and to pay related fees and expenses.
The remainder of the funds would be used for general corporate purposes.
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