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

Nov. 8 (Bloomberg) -- Sprint Nextel Corp., 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. 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

To contact the editor responsible for this story: Alan Goldstein at

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