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Sprint Announces Pricing of $1 Billion of Notes Due 2021 and $3 Billion of Notes Due 2018
Posted: 06-Nov-2011 [Source: Sprint]

[Sprint to use some of the net proceeds from the offering of the Notes for network expansion and modernization and potential funding of Clearwire.]

Overland Park, Kan. -- Sprint Nextel Corp. (NYSE:S - News) announced Friday that it has priced its previously announced offering of $1 billion aggregate principal amount of 11.5% notes due 2021 (the “2021 Notes”) and $3 billion aggregate principal amount of 9% guaranteed notes due 2018 (the “2018 Notes” and, together with the 2021 Notes, the “Notes.”) The 2018 Notes will be guaranteed by the company's wholly-owned subsidiaries that guarantee its existing credit agreements. The sale of the Notes is expected to be completed on Nov. 9, 2011, subject to customary closing conditions.

The company intends to use the net proceeds from the offering of the Notes 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 consummation of the offering of Notes is conditioned upon customary closing conditions.

The Notes and the guarantees related to the 2018 Notes have not been, and will not be, registered under the Securities Act of 1933 (the "Act") or the securities laws of any other place and may not be offered or sold in the United States absent registration or an applicable exemption therefrom. The Notes will be offered only to qualified institutional buyers under Rule 144A and to persons outside the United States under Regulation S.

This press release does not constitute an offer to sell or a solicitation of an offer to buy the Notes, and shall not constitute an offer, solicitation or sale of any Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful. This notice is being issued pursuant to, and, in accordance with, Rule 135c under the Act.

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