Sprint closes $3.9B spectrum-backed notes, plans network investment

|About: Sprint Corporation (S)|By:, SA News Editor

Sprint (NYSE:S) has closed its private offering of just over $3.9B in spectrum-backed notes.

"Sprint's turnaround in the past three years has been impressive, with the return to subscriber growth while simultaneously improving profitability," says President and CFO Michel Combes commenting on the closing.

"There is still additional opportunity to reduce our costs, operate more efficiently and get the right financial resources in order to reinvest in the company ... The market demand for this latest offering was very positive, and we raised nearly $4 billion at an average rate of 4.93% to further lower our cost of debt and put us in a strong position to execute on our plan to significantly invest in our network.

"This investment combined with Sprint's spectrum holdings, richer and deeper than any company I have ever seen, give us a tremendous opportunity to build the first truly mobile 5G network."

As the company anticipated, the notes were rated investment grade by Moody's and Fitch.