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Sprint Prices $4 Billion Notes Offering, May Fund Clearwire

Sprint Nextel Corp., the third-largest U.S. wireless operator, priced $4 billion of debt that it plans to use as it upgrades its network to higher-speed technology and offers customers Apple Inc.’s iPhone.

The company is issuing $3 billion of seven-year 9 percent notes and $1 billion of ten-year, 11.5 percent notes, Sprint said in a statement yesterday. The sale is expected to be completed Nov. 9.