Sprint Sells $2.28 Billion in 10-Year Bonds to Refinance Debt
Stock Chart for Sprint Corp (S)
Sprint Nextel Corp. (S), the third- largest U.S. wireless carrier, sold $2.28 billion of 10-year bonds to refinance debt.
The 6 percent securities due November 2022 yield 437 basis points more than similar-maturity Treasuries, according to data compiled by Bloomberg. The bonds may be rated B3 by Moody’s Investors Service, Bloomberg data show.
Sprint, which has $20.5 billion in bonds and term loans, last tapped debt markets in August, issuing $1.5 billion of 7 percent notes due August 2020, Bloomberg data show. Those notes traded at 111 cents on the dollar to yield 5.26 percent on Nov. 2, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority.
Bank of America Corp., Barclays Plc, Citigroup Inc., Deutsche Bank AG, Goldman Sachs Group Inc. and JPMorgan Chase & Co. managed the Overland Park, Kansas-based company’s sale, the data show.
AT&T Inc. (T) and Verizon Communications Inc. are the two biggest U.S. wireless carriers.
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