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SunCom gets consents for 8½% notes
By Susanna Moon
Chicago, Feb. 15 - SunCom Wireless Holdings, Inc.'s wholly owned subsidiary, SunCom Wireless, Inc., said it received the required consents for its 8½% senior notes due 2013.
As of 5 p.m. ET on Feb. 14, SunCom said it received consents from holders of $686,515,000 outstanding 8½% senior notes.
SunCom said it entered into a supplemental indenture to amend the indenture to eliminate substantially all the existing requirements for the company to provide periodic reports and financial statements while also limiting SunCom's compliance certificate obligations.
The company said it would pay a consent fee of $1.00 for each $1,000 principal amount of notes.
The consent solicitation began on Feb. 1.
As previously announced, the solicitation is connected to the company's merger agreement with T-Mobile USA, Inc. and Tango Merger Sub, Inc. that was approved at a special meeting on Dec. 16. T-Mobile is not required to close the transaction prior to April 15.
It is conditioned on the closing of the merger as well as receipt of consents from holders of a majority of notes.
The notes will be redeemable beginning June 1 at a price of $1,042.50 per $1,000 principal amount plus accrued interest.
Assuming completion of the merger, T-Mobile USA has advised SunCom that it intends to call the notes on or promptly after the later of April 2 and the closing date.
Citi is the solicitation agent (800 558-4745 or call collect 212 723-6106). Global Bondholder Services Corp. is the information agent and tabulation agent (866 873-6300 or call collect 212 430-3774).
As previously reported, T-Mobile agreed to acquire all of the outstanding shares of common stock of SunCom for $27 per share in cash in a deal valued at $2.4 billion including debt.
SunCom is a digital wireless communications services company based in Berwyn, Pa. T-Mobile is a Bellevue, Wash., mobile communications company.
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