Sprint Nextel plans to retire a total of US$1.47bn notes expiring in 2013 and 2015.
US$472.9m of the redemption is in the form of 6.875% notes maturing 2013, and was originally issued by Nextel Communications. Nextel merged with Sprint in 2005.
The…
Sprint Nextel plans to retire a total of US$1.47bn notes expiring in 2013 and 2015.
US$472.9m of the redemption is in the form of 6.875% notes maturing 2013, and was originally issued by Nextel Communications. Nextel merged with Sprint in 2005.
The other US$1bn Sprint is redeeming is a portion of 7.375% notes expiring in 2015, again issued by Nextel Communications. After the retirement US$1.1bn will still be outstanding on the 2015 notes.
Sprint said it will complete the redemption on 24 August and will pay par, plus accrued and unpaid interest until the redemption date.
Yesterday Sprint said it had closed a US$1.5bn issuance of 7% 8-year senior notes priced at par. The company intends to use the net proceeds from the offering for general corporate purposes, which may include, among other things, redemptions or service requirements of outstanding debt, network expansion and modernization and potential funding of Clearwire Corporation and its subsidiary Clearwire Communications LLC.
