New Issue: MetroPCS $150 million eight-year notes yield 10¾%

By Paul A. Harris

St. Louis, Sept. 24 - MetroPCS, Inc. priced $150 million of senior notes due Oct. 1, 2011 (B3/CCC+) at par Wednesday to yield 10¾%, according to an informed source.

Price talk was for a yield in the 10¾% area.

Bear Stearns & Co. and UBS Investment Bank were joint bookrunners on the Rule 144A deal.

The Dallas wireless company will use proceeds to fund capital expenditures.

Issuer:	MetroPCS, Inc.
Amount:	$150 million
Maturity:	Oct. 1, 2011
Security description:	Senior notes
Bookrunners:	Bear Stearns, UBS Investment Bank
Coupon:	10¾%
Price:	Par
Yield:	10¾%
Spread:	685 basis points
Call features:	Callable after Oct. 1, 2007 at 105.375, then 102.688, declining to par on Oct. 1, 2009 and thereafter
Equity clawback:	Until Oct. 1, 2006 for 35% at 110.75
Settlement date:	Sept. 29
Ratings:	Moody's: B3
	Standard & Poor's: CCC+
Price talk:	10¾% area
Distribution:	Rule 144A

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.