Today, T-Mobile announced that it is “financially prepared” to close the merger with Sprint, despite outside concerns that the COVID-19 crisis would delay the deal. The company sent out a statement to reassure investors, noting that it has been in communication with all sixteen banks involved in the deal and none have expressed that they will be unable to meet commitments.
“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,” said John Legere, CEO of T-Mobile. “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.”
“We are very happy to have assembled sixteen leading U.S. and global banks in our committed bridge financing for the acquisition of Sprint. This diversification of banks, and the spreading of the committed bridge financing creates a very high-quality bridge,” said Braxton Carter, Chief Financial Officer of T-Mobile.
“In times when consumers need affordable service plans to stay connected, T-Mobile is fully prepared and well positioned to be the provider to meet these needs,” said Mike Sievert, President and Chief Operating Officer of T-Mobile. “In fact, after we close the merger, the New T-Mobile may be the best positioned company to serve them, as more and more consumers seek value in these uncertain times. We’re here for our community of consumers who count on us.”
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