Sprint Gets $2.2 Billion From SoftBank Network Funding Deal
- Tower equipment is used as collateral to raise new loans
- New finance entity will be consolidated into Sprint's books
This article is for subscribers only.
Sprint Corp. will sell and lease back network equipment, getting $2.2 billion the wireless company can use to repay maturing debt and continue its turnaround efforts.
The assets -- mainly equipment at cell towers -- will be sold to Network LeaseCo, a new entity backed by Sprint’s parent company, SoftBank Group Corp., and other investors, according to a statement Wednesday.