Business

November 20, 2012

Sprint bondholders consent to change allowing SoftBank bid to proceed

Holders of Sprint Nextel Corp. bonds have taken up the company’s offer of $1 to change their agreement so Tokyo-based SoftBank Corp. can buy control of the wireless phone company.

Holders of Sprint Nextel Corp. bonds have taken up the company’s offer of $1 to change their agreement so Tokyo-based SoftBank Corp. can buy control of the wireless phone company.

Sprint offered the investors $1 for each $1,000 of bonds they own in exchange for the consent. It said consent came from a majority of all the affected bonds, which come due in various years between 2017 and 2021.

Their consent exempts the SoftBank deal from triggering “change of control” provisions that could have required Sprint to buy back the bonds right away.

Sprint said it has made the cash payments as offered to the bond holders.

SoftBank and Sprint have formally sought federal review of their planned $20.1 billion deal involving 70 percent ownership of Sprint.

| Mark Davis, mdavis@kcstar.com

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