Wednesday, May 30, 2012

Sprint arranges $1 billion credit to buy Ericsson gear - Financial News

A woman talks on her phone as she walks past T-mobile and Sprint wireless stores in New York

NEW YORK (Reuters) - Sprint Nextel Corp said on Tuesday it arranged a credit facility of $1 billion to buy network equipment from Ericsson for its high-speed wireless project.

Sprint, the No. 3 U.S. mobile provider that has been working to eliminate a estimated funding gap of $5 billion to $7 billion, said it entered the credit agreement, which expires in March 2017, with Deutsche Bank and a syndicate of other banks.

Sprint has been under pressure to raise financing in recent months as it committed to a $15.5 billion contract with Apple Inc for iPhones in addition to its $7 billion network project, which involves shutting down one of its two networks and upgrading the other.

With the vendor financing agreement, spokesman Scott Sloat said Sprint has "largely addressed" funding requirements it flagged last year.

Separately, Sprint also said it would pay back $1 billion of debt set to mature in the fourth quarter of 2013. After the payment, which the company plans to make on June 8, the outstanding balance on the 6.875 percent notes would be about $473 million, Sprint said.

(Reporting By Sinead Carew; editing by John Wallace and Jeffrey Benkoe)

Source

game of thrones season 2 trailer sag award winners girl scout cookies screen actors guild royal rumble results sag awards 2012 kyra sedgwick

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.