The US’ third largest mobile operator Sprint Corporation is planning to offer 11-year senior unsecured notes in a private placement.
In a brief statement today, Sprint said it plans to use the net proceeds from the offering for “among other things,…
The US’ third largest mobile operator Sprint Corporation is planning to offer 11-year senior unsecured notes in a private placement.
In a brief statement today, Sprint said it plans to use the net proceeds from the offering for “among other things, retirement or service requirements of outstanding debt and network expansion and modernisation”.
No further details have been released at this time. Moody’s rated the notes junk at B1, four notches below investment grade.
Sprint’s corporate family rating is Ba3. Moody’s raised it to this level in July following its sale to SoftBank. Moody’s warns that Sprint will need “near flawless execution across all aspects of the business, including the requirement to quickly redesign and modernize its entire network” to grow its subscriber base in the the agency describes as a “brutally competitive” sector.
Sprint last hit the bond market in September when it issued a record-breaking US$6.5bn junk bond issue.
