Bloomberg Anywhere Login


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Sprint Nextel Obtains $2.8 Billion Credit Line Due in Five Years

March 5 (Bloomberg) -- Sprint Nextel Corp., the third-largest U.S. mobile-phone service provider, replaced a $2.2 billion revolving line of credit that expires in October with a larger pact.

JPMorgan Chase & Co. and Citigroup Inc. arranged the new deal, which matures in February 2018 and expands its borrowing capacity by $600 million, the company said today in a regulatory filing. Proceeds will be used for general corporate purposes, Sprint Nextel said.

Under terms of the credit pact, the Overland Park, Kansas-based company’s debt to earnings must not exceed 6.25 times through June 30, 2014, stepping down gradually to 4 times for the fiscal quarter ended Dec. 31, 2016, and remaining at that level for its duration, according to the filing.

Verizon Wireless and AT&T Inc. are the two largest U.S. mobile-phone service providers.

In a revolving line of credit, money may be borrowed again once it’s repaid; in a term loan it can’t.

To contact the reporter on this story: Krista Giovacco in New York at

To contact the editor responsible for this story: Faris Khan at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.