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Bond Market News
T-Mobile to Acquire US Cellular’s Assets for $4.4bn
May 29, 2024
T-Mobile is looking to acquire US Cellular’s wireless operations including customers and stores along with 30% of its spectrum assets. The deal is valued at $4.4bn, according to a press release by the company. The deal is expected to close in mid-2025, and will be funded with a combination of cash and up to $2bn of debt assumed through an exchange offer to be made to US Cellular’s debtholders. Telephone and Data Systems, which owns 83% shares of US Cellular, has provided a written consent approving the deal. T-Mobile expects about $1bn in operating expense and capital spending cost synergies but does not see any impact on its financial forecast for 2024. Shares of US Cellular rose more than 10% in yesterday’s trading session.
T-Mobile’s bonds traded slightly lower with its 5.375% 2027s at 100.5 cents on the dollar, yielding 5.19%
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