T-Mobile offers secured notes due 2025, 2027, 2030, 2040 and 2050

By Cristal Cody

Tupelo, Miss., April 2 – T-Mobile U.S. Inc. subsidiary T-Mobile USA, Inc. expects to bring a five-part offering of senior secured notes (Baa3/BBB-/BBB-) to the high-grade primary market on Thursday, a source said.

A tranche of five-year notes is initially talked to price at the Treasuries plus 350 basis points area.

A seven-year tranche is talked to print with a spread in the 362.5 bps area.

The 10-, 20- and 30-year notes are talked to price at the Treasuries plus 375 bps area.

Barclays, Deutsche Bank Securities Inc. and Goldman Sachs & Co. LLC are the bookrunners of the Rule 144A and Regulation S offering.

T-Mobile announced on Wednesday that it closed its merger with Sprint Corp.

The company used a $19 billion bridge loan and a $4 billion secured term loan facility to close the acquisition, and proceeds from the note offering will be used to repay amounts borrowed under the bridge loan and for general corporate purposes.

T-Mobile held a roadshow in the United States and Europe in 2019 for the note offering.

The mobile communications company is a subsidiary of Bonn, Germany-based telecommunications company Deutsche Telekom AG.

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