MetroPCS consent solicitation runs through Nov. 3

New York, Oct. 21 - MetroPCS Inc.'s consent solicitation for its 10¾% senior notes due 2011 will run through 5 p.m. ET on Nov. 3.

The company is offering to pay $2.50 per $1,000 principal amount for consents, according to an 8-K filing with the Securities and Exchange Commission.

MetroPCS announced Wednesday that it will seek limited waivers from the holders of its 10¾% notes to prevent a default because it has not filed its financial reports with the SEC and provided them to the noteholders.

In addition to the initial fee, if MetroPCS does not file the reports within 120 days it may pay a further fee of $2.50 per $1,000 principal amount to extend the waiver and again after 150 days.

Dallas-based MetroPCS, which provides wireless communications, has $150 million of the notes outstanding. It is a subsidiary of MetroPCS Communications Inc.

Bear Stearns & Co. Inc. is the solicitation agent (877 696-BEAR), and Mellon Investor Services LLC (Banks and brokers call 201 329-8794, other call 877 698-6870) is the information and tabulation agent.

Earlier this month, the company's audit committee determined that the company's financial statements for the years ended Dec. 31, 2002 and 2003 and all earnings releases for the period were unreliable, according to an Oct. 6 news release filed with the SEC.

As a result of the problems, MetroPCS is delaying the release of its financials for the quarters ending June 30 and Sept. 30 until an investigation is completed.

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