Deals
Sprint Sells $1.5 Billion in First Junk Bond Offering Since 2015
- High-yield return is ‘meaningfully positive,’ Moody’s says
- Outstanding debt was worst performer in index Tuesday
Sprint Returns to Junk Bonds for Latest Turnaround Plan
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Sprint Corp. sold junk bonds for the first time in three years as the fourth-largest U.S. mobile-phone company invests to upgrade its wireless network.
Sprint issued $1.5 billion of unsecured junk bonds in a sale it boosted from $1 billion, according to a person with knowledge of the matter. The eight-year notes, which the Overland Park, Kansas-based company can’t buy back, priced to yield 7.625 percent, after around 7.75 percent was discussed, said the person, who asked not to be identified as the details are private.