US mobile operator Sprint Corp is out with an underwritten public offering of US$1bn notes and has mandated banks across North America, Europe and Asia to market the placement. Sprint said it may use the proceeds for working capital requirements, to…
US mobile operator Sprint Corp is out with an underwritten public offering of US$1bn notes and has mandated banks across North America, Europe and Asia to market the placement.
Sprint said it may use the proceeds for working capital requirements, to address outstanding debt, and to expand and modernise its network.
The joint book-running managers are Citigroup, Goldman Sachs, JP Morgan, BofA Merrill Lynch, Barclays, Credit Agricole, Credit Suisse, Deutsche Bank, Mitsubishi UFJ, Mizuho, RBC Capital, Scotia Capital and SMBC.
It is Sprint’s first debt transaction since it secured three new vendor financing deals worth a total US$1.8bn in January to fund the acquisition of 2.5 GHz network equipment and related services from a number of suppliers.
Sprint is also considering selling its wireline assets to raise funds. The Softbank-owned telco is conducting a review of its fixed business, reported to be valued at around US$4bn.
