Summary
MetroPCS Communications, Inc., through its subsidiary MetroPCS Wireless, Inc. (Wireless), has entered into a Registration Rights Agreement with Bear, Stearns & Co. Inc. and Guarantors related to its 91/4% Senior Notes due 2014. This agreement pertains to an additional $400 million principal amount of these notes (the "Additional Notes") issued in a private offering. Wireless has committed to amending its existing exchange offer registration statement to include these Additional Notes, aiming for effectiveness by November 12, 2007, or to pursue a shelf registration if the exchange offer is not feasible. Failure to meet these registration obligations could result in liquidated damages payable by Wireless and the Guarantors. The company has successfully consummated the sale of these Additional Notes, raising approximately $421.1 million in net proceeds intended for general corporate purposes, including potential participation in the upcoming 700 MHz spectrum auction.
Key Highlights
- 1MetroPCS Wireless, Inc. entered into a Registration Rights Agreement concerning $400 million of 91/4% Senior Notes due 2014.
- 2The agreement ensures the Additional Notes will be registered for resale or included in an exchange offer.
- 3Wireless must amend its existing registration statement to include the Additional Notes within 120 days.
- 4A deadline of November 12, 2007, is set for the registration statement to become effective.
- 5Liquidated damages may be incurred by Wireless and Guarantors if registration obligations are not met.
- 6The company sold the Additional Notes for approximately $421.1 million in net proceeds.
- 7Proceeds are designated for general corporate purposes, potentially including 700 MHz spectrum auction participation.