T-Mobile US to raise $2 billion by tapping 2026, 2029 and 2031 notes in Monday drive-by

By Paul A. Harris

Portland, Ore., May 10 – T-Mobile US, Inc. is in the market with $2 billion of high-yield notes coming in add-ons to three existing issues (expected ratings Ba3/BB), according to market sources.

The tranches, sizes of which remain to be determined, are as follows:

• An add-on to the 2¼% senior notes due Feb. 15, 2026, which comes with initial guidance in the 99¼ area. The notes become callable on Feb. 15, 2023 at 101.125. The $1 billion issue priced in January 2021;

• An add-on to the 3 3/8% senior notes due April 15, 2029, which comes with initial guidance in the par area. The $1.25 billion issue priced in March 2021; and

• An add-on to the 3½% senior notes due April 15, 2031, which comes with initial guidance in the par area. The $1.35 billion issue priced in March 2021.

J.P. Morgan Securities LLC is leading the deal.

The Bellevue, Wash.-based wireless operator plans to use the proceeds redeem all or a portion of its 6% senior notes due 2023 and its 6% senior notes due 2024.

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