Fresh Off Bank Deal, MetroPCS Plans IPO

MetroPCS Communications is planning to raise more than $400 million through an initial public offering just a few weeks after the Dallas-based wireless communications provider tapped the bank and high-yield markets.

  • 10 Nov 2006
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MetroPCS Communications is planning to raise more than $400 million through an initial public offering just a few weeks after the Dallas-based wireless communications provider tapped the bank and high-yield markets. Its $1.6 billion term loan broke two weeks ago and is currently trading at 100.167-100.417, according to Markit.

According to Corporate Financing Week, a CIN sister publication, proceeds from the IPO will be used to fund expansion into new markets. Madison Dearborn Partners and TA Associates will not cash in their investment in the IPO. A person familiar with the matter said the buyout shops plan to ride the company's continued growth. The firms combined to invest $739 million each in MetroPCS in 2005 for a 14% stake. A host of other private equity firms, including Banc of America Equity Partners, own the rest.

In September, the company bought $1.4 billion of wireless spectrum in a federal auction, a move it's funding with proceeds from the sale of $1 billion in high-yield bonds and the term loan. The term loan, led by Bear Stearns, Merrill Lynch and Bank of America, was originally $1.4 billion and was upsized by $200 million because of heavy demand prior to its break into the secondary, according to a dealer (CIN, 11/6). Twenty-five basis points were also shaved off the term loan, which ended up pricing at LIBOR plus 2 1/2%.

The new licenses will give MetroPCS access to New York, Philadelphia, Boston and other metropolitan areas. The company is currently active in parts of California, Florida, Georgia, Michigan and Texas. The IPO, slated to come within a year, would value the company at more than $5 billion, according to one person.

  • 10 Nov 2006

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Jul 2017
1 Citi 244,235.70 910 8.87%
2 JPMorgan 223,767.95 1021 8.13%
3 Bank of America Merrill Lynch 211,276.97 750 7.68%
4 Barclays 166,062.82 634 6.03%
5 Goldman Sachs 162,877.27 537 5.92%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 21 Jul 2017
1 HSBC 25,385.87 103 7.10%
2 Deutsche Bank 25,125.19 81 7.03%
3 Bank of America Merrill Lynch 22,023.57 59 6.16%
4 BNP Paribas 18,766.65 109 5.25%
5 Credit Agricole CIB 18,157.63 105 5.08%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Jul 2017
1 JPMorgan 12,578.87 55 8.17%
2 Citi 11,338.07 71 7.36%
3 UBS 10,682.06 44 6.93%
4 Goldman Sachs 10,419.53 53 6.76%
5 Morgan Stanley 10,194.88 57 6.62%