SEC Digest
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T-Mobile, SFX Entertainment, Burlington Holdings: Filings Digest June 28, 2013

In today’s SEC filings digest, T-Mobile acquires Advanced Wireless Service spectrum for $308M, SFX Entertainment files for IPO, and Burlington Holdings files for $175M IPO.

T-Mobile acquires Advanced Wireless Service spectrum

T-Mobile US Inc. (TMUS) announced it has entered a $308M cash agreement to acquire 10 MHz of Advanced Wireless Service spectrum from U.S. Cellular. The spectrum covers primarily the Mississippi Valley region, from Kansas City, New Orleans, Nashville, and others, including a total of 32 million people in 29 markets. The agreement is still subject to Federal Communications Commission and Department of Justice approvals, but is expected to close late this year. T-Mobile President and CEO John Legere remarked that spectrum acquisitions are very valuable and the company is excited to expand its network to facilitate the 4G LTE rollout as well as reinforcing the already existing 4G coverage.

SFX Entertainment files for $175M IPO

SFX Entertainment (SFXE) has filed to raise as much as $175M in an IPO, seeking to capitalize on the growing popularity of electronic dance music. The music company, led by media executive Robert Sillerman, believes the market for this type of music will reach $4.5B this year, especially with leading pop stars leading the way. Sillerman acquired several rock music promoters in the 1990s and eventually sold them as a network for $4.4B to Clear Channel Communications. His plan for the new venture is to spend $1B to create a network focused on dance music. He has already either completely purchased or has a majority stake in many music companies, nightclubs, and promotion companies. According to the S-1 filing, the company had $242M in revenues last year with a $48.9M net loss. Joint bookrunners to the offering are UBS, Barclays and Jeffries. No details are currently available regarding the number of shares to be offered or the expected price range.

Burlington Holdings also files for $175M IPO

Burlington Holdings Incorporated has filed for an IPO, seeking to raise as much as $175M. The company, known for its brands Burlington Coat Factory and Baby Depot, operates 503 stores nationwide and plans to continue its strategic expansion. The 40-year old company reported revenues of $4.16B last year with a net loss of $121.6M. Details still have yet to emerge regarding the number of shares and expected price range for the shares to be offered. JPMorgan, Morgan Stanley, Bank of America Merrill Lynch, Goldman Sachs, and Wells Fargo are serving as joint bookrunners of the offering. Burlington intends to use the proceeds from the offering to pay off its debt.

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