T-Mobile to price $2.5 billion two-part notes for bond redemptions in Monday drive-by

By Paul A. Harris

Portland, Ore., Jan. 22 – T-Mobile plans to price $2.5 billion of senior notes in two tranches in a quick-to-market Monday trade, according to market sources.

The notes are being sold in tranches of eight-year notes, which come with three years of call protection, and 10-year notes, which come with five years of call protection.

Tranche sizes remain to be determined.

Deutsche Bank Securities Inc., Barclays, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are the joint bookrunners for the public offering.

The Bellevue, Wash.-based mobile telecom, which is offering the notes via its wholly owned subsidiary, T-Mobile USA, Inc., plans to use the proceeds to redeem up to $1.75 billion of T-Mobile USA’s 6 5/8% senior notes due 2023 and up to $600 million of T-Mobile USA’s 6.836% senior notes due 2023, with the balance to be used for general corporate purposes, including a partial paydown of the T-Mobile USA revolving credit facilities.

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