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Sprint Closes $1 Bln Of Notes Due 2017 And $1 Bln Of Guaranteed Notes Due 2020

Sprint Nextel Corp. (S: Quote) announced that it has closed its offering of $1 billion aggregate principal amount of 9.125% Notes due 2017 and $1 billion aggregate principal amount of 7% Guaranteed Notes due 2020. The 2020 Notes are guaranteed by the company's subsidiaries that guarantee its existing credit agreements.

The company said that it plans 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 and its subsidiary Clearwire Communications LLC.

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by RTT Staff Writer

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