- 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.