Sprint (S) Announces $2B Notes Private Placement
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Sprint Nextel Corp. (NYSE: S) plans to offer approximately $2 billion in aggregate principal amount of notes due 2020 (the “2020 Notes”) and notes due 2017 (the “2017 Notes” and, together with the 2020 Notes, the “Notes”) in a private transaction that is exempt from the registration requirements of the Securities Act of 1933 (the “Act”). The 2020 Notes will be guaranteed by the company’s wholly-owned subsidiaries that guarantee its existing credit agreements.
The company intends to use the net proceeds from the offering of the Notes for general corporate purposes, which may include, among other things, redemptions or service requirements of outstanding debt, network expansion and modernization and potential funding of Clearwire Corporation (Nasdaq: CLWR) and its subsidiary Clearwire Communications LLC.
The Notes and the guarantees related to the 2020 Notes have not been registered under the Act or the securities laws of any other place and may not be offered or sold in the United States absent registration or an applicable exemption therefrom. The Notes will be offered only to qualified institutional buyers under Rule 144A and to persons outside the United States under Regulation S.
The company intends to use the net proceeds from the offering of the Notes for general corporate purposes, which may include, among other things, redemptions or service requirements of outstanding debt, network expansion and modernization and potential funding of Clearwire Corporation (Nasdaq: CLWR) and its subsidiary Clearwire Communications LLC.
The Notes and the guarantees related to the 2020 Notes have not been registered under the Act or the securities laws of any other place and may not be offered or sold in the United States absent registration or an applicable exemption therefrom. The Notes will be offered only to qualified institutional buyers under Rule 144A and to persons outside the United States under Regulation S.
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