MetroPCS lifts tender for 9¼% senior notes due 2014 to $1 billion

By Devika Patel

Knoxville, Tenn., Sept. 8 - Metro PCS Communications Inc. said it increased its cash tender offer for its 9¼% senior notes due 2014 to $1 billion from up to $500 million. The company will use the proceeds from a subsidiary's $1 billion offering of notes, which priced Sept. 8, to purchase the 9¼% notes in the tender.

The offer launched Tuesday and will expire at midnight ET on Oct. 5. It is contingent upon certain conditions, including the closing of the $1 billion notes offering.

The company will pay $1,046.25 per $1,000 in notes for notes tendered by midnight on Sept. 20. Notes tendered after the Sept. 20 early tender deadline will be bought back at par.

Interest up to, but not including, the purchase date will be paid in cash. The purchase date is expected to be Oct. 6.

J.P. Morgan Securities LLC (212 270-3994) is the dealer manager. MacKenzie Partners, Inc. (800 322-2885 and 212 929-5500) is the information agent and depositary.

MetroPCS is a Dallas-based wireless communications service provider.

© 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.