Sprint on Wednesday said that it has raised $6.5 billion through the sale of high-yield debt.
According to a press release, Sprint has priced its previously announced offering of $2.25 billion aggregate principal amount of 7.250 percent notes due 2021, and $4.25 billion aggregate principal amount of 7.875 percent notes due 2023.
The sale of the notes is expected to be completed on September 11, 2013, subject to customary closing conditions.
The company said it intends to use the net proceeds from the offering for “general corporate purposes, which may include, among other things, redemptions or service requirements of outstanding debt and network expansion and modernization.”
The new funds comes in the wake of a $5 billion cash infusion from new owner Softbank, which recently acquired a 78 percent stake in Sprint.
Over the past year, Sprint has been aggressively investing in its Network Vision initiative, which includes a nationwide roll out of LTE, as well as upgrades to its existing 3G infrastructure.
Filed Under: Carriers
