MetroPCS obtains $540 million bridge facility

New York, Feb. 23 - MetroPCS, Inc. said it obtained a $540 million bridge facility from banks led by Bear, Stearns & Co. Inc. as sole lead arranger and bookrunner and Bear Stearns Corporate Lending Inc. as syndication agent and administrative agent.

The facility includes up to $240 million of exchangeable senior secured series A bridge loans which will be used to help finance the acquisition of personal communications services licenses and related equipment in Detroit and counties in the Dallas area from Cingular Wireless LLC, according to an 8-K filing with the Securities and Exchange Commission.

Also included is $300 million exchangeable senior secured series B bridge loans which will be used to fund loans to Royal Street Communications, LLC for Royal Street's participation in the Federal Communications Commission's auction 58. MetroPCS indirectly owns an 85% non-controlling interest in Royal Street.

The loans were taken out by the Dallas-based wireless telephone company's MetroPCS Wireless, Inc. on Feb. 22. The series A loans were funded on Feb. 22.

All the loans mature on March 21, 2006. If not repaid in full they will convert into term loans due March 21, 2010.

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