Sprint Raises $6.5 Billion in Biggest Junk Sale Since 2008
This article is for subscribers only.
Sprint Corp. raised $6.5 billion yesterday in the biggest high-yield offering since 2008 as sales of speculative-grade securities surpass last year’s record pace.
Sprint’s $4.25 billion of 7.875 percent, 10-year notes priced to yield 498 basis points more than similar-maturity Treasuries and its $2.25 billion of 7.25 percent, eight-year debt pays a spread of 466 basis points, according to data compiled by Bloomberg. A basis point is 0.01 percentage point.