Sprint sells $2.5 billion in bonds

12/09/2013 5:49 PM

12/09/2013 5:50 PM

Sprint Corp. sold $2.5 billion of senior notes in an offering that may fund a network expansion.

The Overland Park-based company issued 7.125 percent debt maturing in June 2024 that yields 428 basis points more than similar-maturity Treasuries, according to data compiled by Bloomberg. The transaction follows a $6.5 billion sale in September, helping issuance of U.S. junk bonds reach an annual record last week of more than $360 billion.

The new bonds are rated B1 by Moody’s Investors Service and BB- at Standard & Poor’s. Sprint’s $4.25 billion of 7.875 percent bonds due 2023 were valued at 108.2 cents on the dollar last week to yield 6.72 percent, Bloomberg Valuation data show.

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