MetroPCS Wireless to launch $1.5 billion term loan on Friday

By Sara Rosenberg

New York, March 3 - MetroPCS Wireless Inc. is scheduled to hold a conference call on Friday to launch a new $1.5 billion term loan, according to sources.

J.P. Morgan and Wells Fargo are the lead banks on the deal.

Proceeds will be used to repay a $500 million term loan maturing in 2013 and for general corporate purposes, including opportunistic spectrum acquisitions.

The new deal is being done with an amendment and restatement of the company's existing $1.6 billion senior secured credit facility.

The amendment and restatement would modify certain terms and conditions of the existing credit facility and would require the approval from a majority of lenders.

Closing is expected to occur this month.

MetroPCS is a Dallas-based provider of unlimited wireless communications service for a flat-rate with no annual contract.

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