Sprint plans to sell $3.94 billion of notes in two tranches

By Devika Patel

Knoxville, Tenn., March 12– Sprint Corp. expects to price $3,937,500,000 of fixed-rate senior unsecured notes (Baa2//BBB) in two tranches, according to a market source.

The notes, due in 2025 and 2028, feature a make-whole call at Treasuries plus 50 basis points until one year prior to maturity.

One tranche of notes due in 2025 will have an amortization of 25%, or 6.25% per quarter, and a weighted average life of 5.12 years, and the other due in 2028 will have an amortization of 20%, or 5% per quarter, and a weighted average life of 7.62 years.

The notes will price after a roadshow via telephone that is expected to be conducted Monday and Tuesday.

Goldman Sachs & Co. is the left lead bookrunner. J.P. Morgan Securities LLC and Mizuho Securities USA Inc. are also bookrunners.

Proceeds will be used for general corporate purposes.

Sprint is an Overland Park, Kan.-based wireless telecommunications services and internet carrier holding company.

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