MetroPCS Calls In Bear Stearns

Bear Stearns is leading a $950 million credit facility for MetroPCS Wireless.

  • 06 May 2005
Email a colleague
Request a PDF

Bear Stearns is leading a $950 million credit facility for MetroPCS Wireless. The loan consists of a seven-year, $700 million first-lien tranche and a seven-year, $250 million second-lien. Pricing is LIBOR plus 3 3/4% on the first-lien and LIBOR plus 5 3/4% on the second-lien. Both tranches have 102, 101 call protection.

The company is selling spectrum to Verizon Wireless for $230 million with combined proceeds of the sale and the new debt used to refinance $540 million of an existing bridge loan and tender for $150 million of 10 3/4% senior notes due 2011. It will also put an additional $425 million on the balance sheet. The deal has incurrence covenants and is being sold to loan and bond investors, who have already begun to commit.

The company is a subsidiary of MetroPCS Communications with 20 PCS licenses in the Miami/Ft. Lauderdale, Fla., areas, San Francisco, Atlanta and the Sacramento area. It offers flat-rate plans with unlimited local and domestic long distance minutes with no contractor. Braxton Carter, senior v.p. and cfo, referred calls to Bear Stearns.

  • 06 May 2005

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 7,026 25 11.95
2 Citi 6,449 21 10.96
3 BNP Paribas 5,093 18 8.66
4 Barclays 4,040 11 6.87
5 Lloyds Bank 3,615 14 6.15

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 1,505.59 4 23.86%
2 SG Corporate & Investment Banking 1,292.64 1 20.48%
2 Rabobank 1,292.64 1 20.48%
4 BNP Paribas 598.25 2 9.48%
5 TD Securities Inc 241.54 1 3.83%