MetroPCS Communications Completes IPO

4/24/2007

DALLAS, TX – MetroPCS Communications, Inc. (NYSE: PCS) successfully completed its initial public offering of 57,500,000 shares of common stock priced at $23.00 per share. MetroPCS is a portfolio company of Primus Capital Fund III ("PCF III") and Primus Capital Fund V ("PCF V").

The shares began trading on April 19, 2007, on the New York Stock Exchange under the symbol “PCS.” Both PCF III and PCF V sold approximately 12% of their holdings at the IPO for net proceeds of $11.1 million and $8.6 million, respectively. Since the IPO, PCS shares have traded between $24.50 per share and $37.25 per share. PCF III and PCF V continue to hold 6,643,764 shares of PCS in total.

Dallas-based MetroPCS Communications, Inc. (NYSE: PCS) is a provider of unlimited wireless communications service for a flat rate with no signed contract. MetroPCS owns or has access to wireless spectrum covering a population of approximately 140 million people in 14 of the top 25 largest metropolitan areas in the United States. Currently, MetroPCS has over 3 million subscribers and offers service in the Miami, Orlando, Sarasota, Tampa, Atlanta, Dallas, Detroit, San Francisco, and Sacramento metropolitan areas.

Founded in 1983, Primus is a private equity firm that invests in growth capital opportunities, recapitalizations and management-led buyouts. Primus invests $10-$25 million in control and minority ownership transactions targeting companies with proven business models and superior growth prospects. Although experienced in a number of industries, Primus places an increased emphasis on the business services, healthcare, for-profit education and communications sectors.