MetroPCS (PCS), a Dallas, Texas-based regional wireless carrier, that went public recently and raised a billion dollars is looking to jump into the fray for the 700 MHz spectrum, and is preparing to participate in the upcoming auctions. The company said this morning that it is going to raise $300 million in debt. MetroPCS had previously told Wall Street analysts that it would use this money to finance its spectrum purchase.

The company had spent $1.4 billion to acquire licensees in last year’s AWS auctions, and is currently sitting on spectrum that covers 135 million POPs including lucrative markets like New York and Sin City, Las Vegas. This is necessary spectrum for the company that wants to offer 3G services and achieve a 40% CAGR over next five years.

It seems $300 million isn’t going to be enough for the company, since the 700 MHz spectrum auctions are going to be fierce.

Bonus Link: 700 MHz Explained in 10 Steps