MetroPCS Wireless launches $600 million incremental term loan

By Sara Rosenberg

New York, May 2 - MetroPCS Wireless Inc. launched on Monday via IntraLinks a $600 million incremental term loan due March 2018 at Libor plus 375 basis points with an original discount of 99 7/8 to par, according to a market source.

The loan is an add-on to the term loan B-3 that was done in March at pricing of Libor plus 375 bps with no Libor floor and an original issue discount of 991/2.

J.P. Morgan Securities LLC is the left lead bank on the deal.

Proceeds will be used to repay the company's existing term loan B-1 due 2013 and for general corporate purposes, including opportunistic spectrum acquisitions.

Commitments are due at 3 p.m. ET on Thursday.

Closing is expected to take place in mid-May.

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

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