Sprint Said to Plan Benchmark Bonds in First Sale Since NovemberMatt Robinson
Sprint Corp. is planning to sell eight- and 10-year bonds as soon as today in its first offering since November, according to a person with knowledge of the transaction.
Proceeds from the benchmark issue by the third-largest U.S. wireless carrier will be used for general corporate purposes said the person, who asked not to be identified because terms aren’t set. Moody’s Investors Service may rate the securities B1, four levels below investment grade, the person said. Benchmark sales are typically at least $500 million.
Sprint, based in Overland Park, Kansas, last tapped debt markets in November, selling $2.28 billion of 6 percent, 10-year notes, according to data compiled by Bloomberg. Those securities traded at 93.75 cents on the dollar to yield 6.93 percent yesterday, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority.
Verizon Communications Inc. and AT&T Inc. are the two biggest U.S. wireless carriers, according to data from Bloomberg Industries.