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Sprint sells $1.5B in junk bonds amid turnaround effort, Bloomberg reports.

Sprint (S) has sold $1.5B of unsecured junk bonds due in 2026 amid its turnaround efforts signaling that parent SoftBank Group (SFTBF) has no immediate plans to offer funding, Bloomberg reports. The bonds, which cannot be bought back even if interest rate rise, represents Sprint's first sale in the high-yield market in three years and comes after Michel Combes took over the CFO position from Tarek Robbiati and as Sprint is increasing spending by about 50% to as much as 6B in FY18 to catch up on 4G service and build a 5G network. [Reference Link]:[https://www.bloomberg.com/news/articles/2018-02-20/sprint-s-endless-turnaround-effort-takes-it-back-to-junk-bonds]

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Publication:The Fly
Date:Feb 21, 2018
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