Sprint Raises $2.5 Billion With Bonds as Carrier Expands NetworkCharles Mead
Sprint Corp., the third-largest U.S. wireless carrier, sold $2.5 billion of senior notes in an offering that may fund a network expansion.
The company issued 7.125 percent debt maturing in June 2024 that yields 428 basis points more than similar-maturity Treasuries, according to data compiled by Bloomberg. The transaction follows a $6.5 billion sale in September, helping issuance of U.S. junk bonds reach an annual record last week of more than $360 billion.
The new bonds are rated B1 by Moody’s Investors Service and BB- at Standard & Poor’s. The Overland Park, Kansas-based company’s $4.25 billion of 7.875 percent bonds due 2023 were valued at 108.2 cents on the dollar last week to yield 6.72 percent, Bloomberg Valuation data show.
Verizon Communications Inc. is the largest U.S. wireless carrier, followed by AT&T Inc., Bloomberg Industries data show.