It looks as though the $26.5 billion T-Mobile/Sprint merger could cross the finish line as early as tomorrow, triggering the New T-Mobile’s “Day Zero” as planned.
T-Mobile announced on March 19 that it had been in communication with all 16 banks and it had not received any notification that any of them were unprepared to fund their commitments to support the transaction’s closing.
Yesterday, Bloomberg, citing unidentified people familiar with the matter, reported that the banks were formally notified on Monday that they need to make the funds available on April 1 so that the companies can close the deal. The 16 banks will have to provide $23 billion of loans after the Covid-19 outbreak disrupted plans to sell the debt to third-party investors, according to Blooomberg.
April 1 has been the company’s targeted closing of the transaction, which it refers to as “Day Zero,” though it hasn’t always been a sure thing. The California PUC commissioners are scheduled to vote on a proposal at their April 16 meeting; the CPUC earlier this month issued a proposal to approve the merger with conditions and sought public comment.
Do you have a complaint about Sprint, such as hidden fees on your bill, lies by sales staff, or unsatisfactory service? Take your claim to FairShake, the consumer advocacy service.