MetroPCS Communications' $1.6 billion term loan broke in the secondary at 100 1/2-5/8 and settled into the 100 3/8-5/8 context. The loan was increased by $200 million prior to the break due to heavy demand, said a dealer. The additional $200 million was taken from the bond portion of the deal. Twenty-five basis points were also shaved off the term loan, which ended up at LIBOR plus 2 1/2%. Bear Stearns, Merrill Lynch and Bank of America lead the credit, which finances its purchase of new spectrum at the Federal Communications Commission's September auction (CIN, 10/13). A call to a spokesman was not returned.
MetroPCS Upsized Term Loan Breaks