Sprint Nextel Announces Floating Rate Notes Offering.RESTON, Va. -- Sprint Nextel Sprint Nextel Corporation (NYSE: S) is one of the largest telecommunications companies in the world. With 55 million subscribers, Sprint Nextel operates the third largest wireless telecommunications network in the United States (based on total wireless customers), behind (NYSE NYSE
See: New York Stock Exchange :S) today announced that it has priced a $750 million underwritten public offering of floating rate notes due 2010. The notes will bear interest at a rate equal to three-month LIBOR LIBOR
See: London Interbank Offered Rate
See London interbank offered rate (LIBOR). plus 40 basis points, reset and paid quarterly. They will be issued under an indenture between Sprint Nextel Corporation and The Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007. The bank now continues under the new name of The Bank of New York Mellon Corporation. Trust Company, N.A., as trustee. The terms of the notes include those stated in the indenture and those made part of the indenture by reference to the Trust Indenture Act of 1939.
The notes will rank equally with Sprint Nextel Corporation's other indebtedness. Barclays Capital Barclays Capital is the investment banking division of Barclays plc. It is a primary dealer in U.S. Treasury securities and various European Government bonds.
Barclays Capital is led by CEO Robert (Bob) Diamond, an American who had been vice-chairman of Credit Suisse First Inc., Bear, Stearns & Co. Inc., and Greenwich Capital Markets, Inc. are joint book-running managers. Interested parties may obtain a written prospectus from Barclays Capital Inc. by telephone at 1-888-227-2275 extension 2663, from Bear, Stearns & Co. Inc. by telephone at 1-866-803-9204 or from Greenwich Capital Markets, Inc. by telephone at 1-866-884-2071.
The net proceeds Net Proceeds
The amount received after all costs are deducted from the sale of a piece of property or security.
In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from the offering will be used for general corporate purposes. The sale of the debt securities is expected to close on June 28, 2007.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
About Sprint Nextel
Sprint Nextel offers wireless and wireline communications services.