S&P assigns T-Mobile notes BB

S&P said it assigned its BB issue-level and 3 recovery ratings to T-Mobile USA Inc.'s proposed $3 billion of senior notes due 2026, 2029 and 2031. The 3 recovery rating indicates an expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in default.

The BB rating is consistent with T-Mobile’s other senior notes.

The company intends to use $2 billion in proceeds to acquire spectrum licenses under the Federal Communication Commission C-Band spectrum auction. Any remainder will be used to redeem its 6½% of senior notes due 2026 and then to refinance debt.

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