New Issue: Sprint prices $2.5 billion 10-year bullets at par to yield 7 1/8%

By Paul A. Harris

Portland, Ore., Dec. 9 - Sprint Corp. launched and priced a $2.5 billion issue of non-callable senior notes due June 15, 2024 (B1/BB-/) at par to yield 7 1/8% in a quick-to-market Monday deal.

The yield printed on top of yield talk.

BofA Merrill Lynch was the left bookrunner. Citigroup Global Markets Inc., Credit Agricole CIB, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, Mizuho Securities and RBC Capital Markets were the joint bookrunners.

The Overland Park, Kan.-based telecom plans to use the proceeds for general corporate purposes, including retirement or service requirements of outstanding debt and network expansion and modernization.

Issuer:	Sprint Corp.
Amount:	$2.5 billion
Maturity:	June 15, 2024
Securities:	Senior notes
Left bookrunner:	BofA Merrill Lynch
Joint bookrunners:	Citigroup Global Markets Inc., Credit Agricole CIB, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, Mizuho Securities, RBC Capital Markets
Senior co-managers:	Barclays, Scotia Capital, Wells Fargo Securities LLC
Co-manager:	Williams Capital Group
Coupon:	7 1/8%
Price:	Par
Yield:	7 1/8%
Spread:	428 bps
Call protection:	Non-callable
Make-whole:	Treasuries plus 50 bps
Trade date:	Dec. 9
Settlement date:	Dec. 12
Ratings:	Moody's: B1
	Standard & Poor's: BB-
Distribution:	Rule 144A and Regulation S
Price talk:	7 1/8% area
Marketing:	Quick to market

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