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Sprint to pay down $1.5 billion of debt due 2013, 2015

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Sprint to pay down $1.5 billion of debt due 2013, 2015
Last month, we told you that Sprint's large mountain of debt could hinder plans it has to finish building out its nationwide LTE network. But the nation's third largest carrier informed us today that it plans on paying down some of its debt with maturities in 2013 and 2015. This should help the company become more flexible when it comes to putting up those LTE towers like the one that was recently erected in Homestead, Florida.

Sprint LTE cell tower
A total of $1.5 billion of Notes will be retired including debt maturing in 2013 that will be valued at $472.9 million on August 24, 2012. The precise securities being retired are the Nextel Corp. 6.875% Notes due 2013. In addition, debt maturing in 2015 with a value of $1 billion as of August 24th will also be retired. Those securities are the Nextel Corp 7.375% Notes due 2015. Holders of both Notes involved in the debt buyback will receive par (100% of face value) plus any unpaid and accrued interest.

After retiring these Notes, the remaining principal balance remaining of the 2015 Notes will be $1.1 billion.

source: Sprint
+- Press Release



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