DELAWARE | 1-33409 | 20-0836269 |
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
2250 Lakeside Boulevard Richardson, Texas | 75082 |
(Address of Principal Executive Offices) | (Zip Code) |
Item 8.01. | Other Events. |
Item 9.01. | Financial Statements and Exhibits. |
EXHIBIT NUMBER | DESCRIPTION | |
99.1 | — | Press release, dated February 26, 2013, entitled “MetroPCS Files Definitive Proxy Materials” |
METROPCS COMMUNICATIONS, INC. | |||||
Date: February 26, 2013 | By: | /s/ J. Braxton Carter | |||
J. Braxton Carter Chief Financial Officer & Vice Chairman |
• | Value Leadership: The combined company will be well-positioned in the industry's fast-growing no annual contract services space - and offer an outstanding customer experience with great customer value and choice. |
• | Increased Size and Scale: The combined company will be well-positioned from a competitive standpoint with significant spectrum holdings, deep nationwide network coverage and considerable network capacity. |
• | Significant Synergies: The combined company will benefit from projected cost synergies of $6-7 billion net present value. |
• | Strong Financial Position: The combined company will have an attractive growth profile and the financial flexibility to compete effectively. |
• | A robust nationwide 4G LTE network; |
• | A clear path to 4G LTE over at least a full 20x20 MHz in 90% of Top 25 metro areas - offering higher speeds and lower latency; |
• | A wide selection of attractive, competitively priced plans, including contract, no contract monthly, SIM-only, pay-as-you-go and mobile broadband plans; and |
• | Improved device options, service and coverage. |
• | Compelling Growth Trajectory: Projected five-year (from 2012 to 2017) compounded annual growth rates in the range of 3% to 5% for revenues, 7% to 10% for EBITDA and 15% to 20% for free cash flow; |
• | Strong Profitability: Projected EBITDA margins of 34% to 36% at the end of the five-year period; and |
• | Significant Synergies: Projected cost synergies of $6-7 billion net present value, with an annual run-rate of $1.2-1.5 billion. |
• | Significant Implied Share Price Upside of 66% - 89%: Based on an EBITDA multiple of between 5.0x and 5.5x applied to the combined company's projected 2013 EBITDA, and taking into account 1) the cash payment to MetroPCS stockholders, 2) the $6-7 billion net present value in projected cost synergies and 3) the 26% ownership interest in the combined company, the proposed combination offers MetroPCS stockholders an implied price per share between $16.54 and $18.82, or a significant premium of 66% - 89% over MetroPCS' current stock price (MetroPCS closing share price as of February 22, 2013). Further, if the combined company participates in additional consolidation in the future, you will participate in any premium resulting from a sale of more than 30% of the combined company to another party. |
• | Sizable Ownership in Combined Company: MetroPCS stockholders will participate in the upside of the combined company with their 26% ownership stake, which compares favorably to ownership percentages implied by analyses conducted by financial advisors for MetroPCS. MetroPCS stockholders' equity ownership percentage in the combined company of 26% is either well above, or at the upper end of, each implied equity ownership range calculated by the financial advisor to MetroPCS' special committee of independent directors. |
• | Favorable Capital Structure for Growth: The combined company's capital structure is designed to maximize stockholder value. Its gross leverage of 3.6x (defined as total adjusted debt over the combined company's 2012 EBITDA) positions stockholders to participate in any increase in the combined company's value. The gross leverage also compares favorably with the combined company's key peers and MetroPCS' historical average. The combined company also will have a strong liquidity position of approximately $2.3 billion at closing - resulting in a net leverage of 3.4x - and its extended debt maturity profile limits the combined company's refinancing risk. Deutsche Telekom's commitment to this proposed combination and the future success of the combined company is highlighted by its $15 billion loan to the combined company. This financing's approximately 7% yield is based on current market rates and value; final pricing occurs at closing pursuant to a market-based pricing mechanism disclosed in the publicly available Business |
If you have any questions, require assistance in voting your shares, or need additional copies of MetroPCS's proxy materials, please call MacKenzie Partners at the phone numbers listed below. | ||||
105 Madison Avenue | ||||
New York, NY 10016 | ||||
(212) 929-5500 (call collect) | ||||
Or | ||||
TOLL-FREE (800) 322-2885 |
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