US operator Sprint Nextel has commenced an underwritten public offering of 10-year notes.
Sprint intends to use the net proceeds from the offering to pay off debt.
The joint book-running managers for the offering are BofA Merrill Lynch, Barclays, Citi,…
US operator Sprint Nextel has commenced an underwritten public offering of 10-year notes.
Sprint intends to use the net proceeds from the offering to pay off debt.
The joint book-running managers for the offering are BofA Merrill Lynch, Barclays, Citi, Deutsche Bank, Goldman Sachs and JP Morgan.
Credit Suisse, Scotiabank and Wells Fargo are senior co-managers while Williams Capital is a co-manager.
No other financing details have been released as yet.
Under the terms of the bond, the operator will be required to offer to purchase the notes at 101% of their aggregate principal amount if there is a change of control at Sprint.
Sprint is currently under offer from Japan’s Softbank in a US$20.1bn deal agreed in October. Subject to approvals Softbank could come to control Sprint in mid-2013.
The notes will be general unsecured senior obligations and rank equally with existing and future unsecured senior indebtedness, Sprint said.
