Seeking Alpha

Sprint uses receivables to land $1.3B credit facility

  • Several banks are providing Sprint (S -5.6%) with a $1.3B credit facility backed by its accounts receivable. The receivables are expected to be sold on a revolving basis through the term of the agreement. The agreement's revolving period is set to end in two years.
  • Sprint has been spending heavily on capex as it scrambles to narrow Verizon/AT&T's LTE coverage lead - its 2014 capex budget is $8B - and has also reportedly been lining up financing for a T-Mobile bid. The carrier ended Q1 with $26.6B in net debt.
  • Shares sold off today after rallying yesterday in the wake of a positive FCC spectrum auction ruling.
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Comments (2)
  • Sam Johnston1
    , contributor
    Comments (524) | Send Message
     
    whoever sent the emails erred with Spring, not Sprint. lol
    16 May 2014, 05:05 PM Reply Like
  • 395308
    , contributor
    Comments (77) | Send Message
     
    SPRING, you got to love it ... YOUR COMPLAINING ?
    16 May 2014, 05:12 PM Reply Like
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