Wednesday, May 30, 2007

MetroPCS Takes On $300M In Debt

Dallas, Texas-based MetroPCS Communications said today that it is raising up to $300M in debt, as part of an effort to finance acquisition of additional spectrum in the FCC's upcoming 700 MHz auction. The firm said that the private offering is expected to close in June, and will take the form of 9 1/4% Senior Notes due in 2014. The $300M comes on top of $1.0B in debt the firm issued in November 2006, which also went towards wireless spectrum.