Sprint Sells $2.28 Billion in 10-Year Bonds to Refinance Debt

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.

To contact the reporter on this story: Matt Robinson in New York at mrobinson55@bloomberg.net

To contact the editor responsible for this story: Alan Goldstein at agoldstein5@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.