Metro PCS Wireless, the fifth largest wireless network in the US, has approached the capital markets with US$1bn of 7.875% senior notes due 2018 and wants to buy back US$1bn of its 9.25% Senior Notes due 2014.
The issue will be underwritten by Metro PCS…
Metro PCS Wireless, the fifth largest wireless network in the US, has approached the capital markets with US$1bn of 7.875% senior notes due 2018 and wants to buy back US$1bn of its 9.25% Senior Notes due 2014.
The issue will be underwritten by Metro PCS Wireless’s parent company, Metro PCS Communications.
The 2018 notes will be sold at 99.277% of their face value with an effective yield of 8%. The offering will close on September 21.
The joint book-running managers are JPMorgan, Barclays Capital and Deutsche Bank .The co-manager is Wells Fargo.
The buyback tender will close on October 5 and dependent on the closing on the 2018 Notes.
JPMorgan is the dealer manager for the tender offer.
