| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers S > Headlines for Sprint Corp. > News item |
Sprint consolidates $3.5 billion bonds into single five-year tranche
By Paul A. Harris
Portland, Ore., Oct. 17 – Sprint consolidated $3.5 billion of its planned senior secured notes securitization deal (expected ratings Baa2//BBB) into a single tranche of class A-1 five-year notes, an informed source said on Monday.
The consolidation removed previously planned tranches of class A-2 seven-year notes and class A-3 10-year notes.
Timing is accelerated. The new schedule had the roadshow in New York on Monday, then in Boston on Tuesday and in Los Angeles and San Francisco on Wednesday, with the notes set to price thereafter. The previous schedule had the roadshow running through the entire week.
Goldman Sachs & Co. is the global coordinator and left lead bookrunner for the deal, which is coming in a joint effort on the part of the high-yield, investment-grade and structured products syndicate desks. Mizuho Securities and J.P. Morgan Securities LLC are the joint lead bookrunners.
The Rule 144A and Regulation S for life notes feature four years of call protection, a three-year weighted average life, interest-only payments for one year (amortizing at 25% annually thereafter) and final maturity of March 2021.
The notes are secured by broadband spectrum leases.
The Overland Park, Kan.-based wireless telecommunications services and internet carrier holding company plans to use the proceeds for general corporate purposes, which may include retirement of debt and network densification and optimization.
The notes are being issued off a $7.5 billion shelf.
The issuing entities are Sprint Spectrum Co. LLC, Sprint Spectrum Co. II LLC and Sprint Spectrum Co. III LLC.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.