T-Mobile confirms it’s financially prepared to close Sprint merger
The T-Mobile-Sprint merger continues to be in a bit of a limbo as it waits for approval from a couple more entities before it can officially close, but today T-Mo issued a statement to reaffirm that it’s ready to merge whenever those approvals come.
T-Mobile said today that it’s financially prepared to close its merger with Sprint. This is based on its previously secured commitments for bridge financing and senior credit facility financing, subject to the satisfaction of customary closing conditions from its commitment letter.
T-Mo adds that it’s been in communication with the 16 US and global banks that it has the option to draw on committed bridge financing from, and it hasn’t received any indication that the banks are unprepared to fund their commitments to support the merger’s closing.
Here’s T-Mobile CEO John Legere on being financially prepared to close the Sprint merger:
“I’m pleased that right now we have broad support from the banks to finance the closing of this merger – we are very close to unleashing the capabilities of the New T-Mobile, and that is even more important for consumers during the current COVID-19 pandemic.
“Our nation is more dependent than ever on connectivity, and we will continue to deliver our essential wireless service today and when we merge with Sprint, with a Nationwide 5G service that is broader and more robust than anything else in America.
“We can see the finish line and are prepared to close the merger very soon so our teams can get to work building a supercharged Un-carrier.”
T-Mobile and Sprint’s merger still needs approval from the California Public Utilities Commission, which has issued a proposal to approve the deal but won’t vote until April 16th. The merger is also under a Tunney Act antitrust review, and it’s unclear when that decision will be announced.