MetroPCS Wireless, Inc. Launches $600M Incremental Term Loan Financing

MetroPCS Communications, Inc. PCS announced today that MetroPCS Wireless, Inc., an indirect wholly-owned subsidiary, launched a $0.6 billion incremental term loan to its existing $2.1 billion senior secured credit facilities. Wireless will use the proceeds to repay all of its existing outstanding Tranche B-1 term loans due 2013 under the senior secured credit facilities and will use the remainder of the proceeds for general corporate purposes, including opportunistic spectrum acquisitions. The transaction is expected to close in mid-May of 2011, subject to market and other customary conditions.