Business

Sprint raising more money to repay current debts

Sprint Nextel Corp. said it is raising money by selling bonds to help repay some of its existing debts.

The Overland Park-based wireless phone company’s statement said the investment notes would be offered publicly and become due for repayment in 2022.

A filing with the Securities and Exchange Commission excluded details such as the amount of the notes to be sold, the interest rate they would pay or which of Sprint’s existing debts they would pay off.

The effort to raise money comes a day after Sprint said it agreed to buy part of the operations of U.S. Cellular Corp. for $480 million.

Sprint also recently raised $3.1 billion by selling notes that can be converted to shares of Sprint stock. The buyer was Tokyo-based SoftBank Corp., which has agreed to pay $20.1 billion for a 70 percent stake in Sprint.

Sprint shares were up 1 cent at $5.63 in morning trading.

| Mark Davis, mdavis@kcstar.com

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