Sprint Agrees to Purchase Part of Spectrum's Issue
May 02, 2011
The move comes as Sprint Spectrum has been struggling to price a two-part debt offering since early last week. The issue, expected to total $650 million but scaled back to $520 million, was expected to be priced late Monday night or Tuesday. Sprint Spectrum has been having difficulty selling investors on the $270 million of 10-year senior discount notes. Earlier Monday, price talk was changed, with the yield increased between 12.5% and 12.75% from 12.25% late last week. The $250 million of 10-year senior notes, is said to have been better received by investors. Price talk on the $250 million 10-year senior notes also was changed Monday, with the yield increased to 11% from 10.75%.
