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Sprint files for new debt offering


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Sprint has announced it will be offering new debt. The notes would come due in 2020 and 2022. The filing states that Sprint intends to use the proceeds for the following:


Sprint intends to use the net proceeds from the offering for general corporate purposes, which may include, among other things, redemptions or service requirements of outstanding debt, network expansion and modernization and potential funding of Clearwire Corporation and its subsidiary Clearwire Communications LLC.


The most likely scenario here is that Sprint is just looking to refinance it's upcoming debt maturities and push them out into the future. They're probably looking to keep their cash on hand above a certain level as well. The question is how big is the debt offering and and how much of it, if any, would go to Clearwire.


I leave you with this thought: Is this announcement connected to the news yesterday that Dish may have invested $400 million in Clearwire and that Sprint's mergers chief is leaving?

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I dont believe this has anything to do with the merger guy leaving. Further, as we know from when they almost bought metropcs, Hesse was intimately involved. I firmly believe Hesse is the hardnose when it comes to valuing sprint, which defeats the idea that this guys departure opens any doors.


But it could easily have a lot to do with clearwire or buying additional spectrum elsewhere. We wont know until someone talks. All the press that sprint did this week was directly related to this debt offering.... they were priming.

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So Sprint sold $1.5 Billion of this new debt due in 2020. The interesting thing is Sprint started out selling debt due in 2020 and 2022. It looks like Sprint had to drop the 10 year term and make everything 8 year. Must not have had much interest in the 10 year debt offerings.



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