8-K 1 tmus12062016form8-k.htm TMUS FORM 8-K Document


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of report (Date of earliest event reported): November 30, 2016
tmuslogo.jpg
T-MOBILE US, INC.
(Exact Name of Registrant as Specified in Charter)

 
 
 
 
 
DELAWARE
 
1-33409
 
20-0836269
(State or other jurisdiction
 
(Commission File Number)
 
(I.R.S. Employer
of incorporation or organization)
 
 
 
 Identification No.)
 
 
 
12920 SE 38th Street
 
 
Bellevue, Washington
 
98006-1350
(Address of principal executive offices)
 
(Zip Code)

Registrant’s telephone number, including area code: (425) 378-4000
(Former Name or Former Address, if Changed Since Last Report):


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))






Item 1.01 - Entry into a Material Definitive Agreement
On November 30, 2016, T-Mobile US, Inc. (the “Company”) amended the terms of its wireless service receivable revolving securitization facility (the “Airtime Receivables Facility”) to (i) increase the maximum aggregate purchase commitment thereunder from $750 million to $950 million and (ii) extend the revolving period, which was scheduled to terminate on March 13, 2017, to March 12, 2018.

Under the Airtime Receivables Facility, certain wholly-owned subsidiaries of the Company (collectively, the “Originators”) sell and/or contribute certain of their wireless service receivables to T-Mobile PCS Holdings LLC, a wholly owned subsidiary of the Company (“T-Mobile PCS Holdings”), pursuant to that certain Receivables Sale and Conveyancing Agreement, dated as of February 26, 2014 (as amended, the “Conveyancing Agreement”), among the Originators and T-Mobile PCS Holdings.

Immediately after acquiring such receivables, T-Mobile PCS Holdings sells and/or contributes such receivables to T-Mobile Airtime Funding LLC, a special purpose entity and wholly-owned subsidiary of T-Mobile PCS Holdings (“T-Mobile Funding”), pursuant to that certain Receivables Sale and Contribution Agreement, dated as of February 26, 2014, (as amended, the “Contribution Agreement”), between T-Mobile PCS Holdings and T-Mobile Funding.

Immediately after acquiring such receivables, T-Mobile Funding sells such receivables to Billing Gate One LLC, a Delaware limited liability company (“Billing Gate One”), pursuant to that certain Second Amended and Restated Master Receivables Purchase Agreement, dated as of November 30, 2016 (the “Master Receivables Purchase Agreement”), among, T-Mobile Funding, as funding seller, Billing Gate One, as purchaser, Landesbank Hessen-Thüringen Girozentrale, as bank purchasing agent, The Bank of Tokyo Mitsubishi UFJ, Ltd., as bank collection agent, T-Mobile PCS Holdings, as servicer, and the Company, as performance guarantor.

Immediately after acquiring such receivables, Billing Gate One sells such receivables to a bank purchasing group pursuant to that certain Second Amended and Restated Onward Receivables Purchase Agreement, dated as of November 30, 2016, among Billing Gate One, as seller, the bank purchasing agent, the bank collection agent and certain bank purchasers party thereto from time to time.

Billing Gate One has a contractual right of recourse against T-Mobile Funding with respect to transfers of the receivables to Billing Gate One under the Master Receivables Purchase Agreement, pursuant to which T-Mobile Funding is required to repurchase certain aged receivables from Billing Gate One and to pay additional amounts in the event of ineligible receivables and certain receivable write-off activity. In addition, T-Mobile Funding has continuing involvement with the sold receivables as it may be responsible for absorbing additional credit losses pursuant to the Master Receivables Purchase Agreement.

T-Mobile PCS Holdings will service the receivables in exchange for a monthly servicing fee. The Company will provide a performance guarantee of certain obligations of T-Mobile PCS Holdings, in its capacity as servicer under the Master Receivables Purchase Agreement, and the Originators under the Conveyancing Agreement.

The Airtime Receivables Facility contains representations and warranties, affirmative and negative covenants, and events of default that are similar to comparable securitization transactions.

While the transaction is treated as a sale for accounting and legal purposes, the Company will not treat the transaction as a sale for federal and state tax purposes.

This summary of the amendment to the Airtime Receivables Facility does not purport to be complete and is qualified in its entirety by reference to the full text of the Master Receivables Purchase Agreement, a copy of which is attached hereto as Exhibit 10.1.






Item 9.01 - Financial Statements and Exhibits
(d) Exhibits:
Exhibit No.
 
Exhibit Description
10.1
 
Second Amended and Restated Master Receivables Purchase Agreement, dated as of November 30, 2016, among T-Mobile Airtime Funding LLC, as funding seller, Billing Gate One LLC, as purchaser, Landesbank Hessen-Thüringen Girozentrale, as bank purchasing agent, The Bank of Tokyo Mitsubishi UFJ, Ltd., as bank collection agent, T-Mobile PCS Holdings LLC, as servicer, and T-Mobile US, Inc., as performance guarantor.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
T-MOBILE US, INC.
 
 
 
December 6, 2016
 
/s/ J. Braxton Carter
 
 
J. Braxton Carter
Executive Vice President and Chief Financial Officer





EXHIBIT INDEX
Exhibit No.
 
Exhibit Description
10.1
 
Second Amended and Restated Master Receivables Purchase Agreement, dated as of November 30, 2016, among T-Mobile Airtime Funding LLC, as funding seller, Billing Gate One LLC, as purchaser, Landesbank Hessen-Thüringen Girozentrale, as bank purchasing agent, The Bank of Tokyo Mitsubishi UFJ, Ltd., as bank collection agent, T-Mobile PCS Holdings LLC, as servicer, and T-Mobile US, Inc., as performance guarantor.