S&P gives T-Mobile notes BB

Standard & Poor's said it assigned its BB issue-level rating and 3 recovery rating to T-Mobile USA Inc.'s $11.2 billion in aggregate unsecured notes.

Of this amount, $5.6 billion has fixed coupons through the life of the debt (permanent notes) while $5.6 billion is subject to a reset of the coupon for periods varying from two to three years (reset notes).

The notes have five different maturities ranging from 2019 to 2023.

The notes are currently issued on an intercompany basis to Deutsche Telecom AG and will be part of the capitalization of T-Mobile following the pending merger with MetroPCS Communications Inc., which is expected to close by early May, S&P said.

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