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S&P rates MetroPCS notes BB
Standard & Poor's said it assigned its BB issue-level rating and 3 recovery rating to MetroPCS Wireless Inc.'s up to $3.5 billion in aggregate senior unsecured notes with a combination of 2021 and 2023 maturities.
Proceeds will be used to repay amounts outstanding under its senior secured credit facility, with the rest available for general corporate purposes.
Proceeds from the notes issuance will be deposited in a segregated account and kept as cash on hand, pending completion of the merger of parent MetroPCS Communications Inc. with T-Mobile USA.
If the merger with T-Mobile USA is not completed by Jan. 17, 2014, the notes must be redeemed.
S&P said the B issue-level rating on MetroPCS' existing senior unsecured notes is also on CreditWatch with positive implications, pending completion of the merger, at which time the agency said it would expect to raise it to BB with a 3 recovery rating, in line with the rating on the newly proposed notes.
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