(Bloomberg) -- T-Mobile US Inc. is borrowing as much as $2 billion, as the mobile carrier engages in an expensive battle to buy more spectrum assets.
The company will issue the debt in three parts, maturing as late as 2031, according to a statement Monday. The proceeds will be used for general corporate purposes, which may include financing acquisitions of additional spectrum and refinancing debt.
Communications providers are amping up their bids in a 5G airwaves auction in the U.S., which may see T-Mobile’s peers such as Verizon Communications Inc. and AT&T Inc. tap the debt markets as well. The auction has now surged past $76.5 billion, well above analysts’ estimates of $47 billion.
Deutsche Bank AG, Citigroup Inc., Credit Suisse Group AG, Goldman Sachs Group Inc., Barclays Plc, JPMorgan Chase & Co. and Morgan Stanley are managing the bond sale, according to a person with knowledge of the matter, who asked not to be identified as the details are private.
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