Sprint canceled its $3 billion convertible preferred stock sale intended to help pay down its debt because it didn't like how the deal was priced.
The interest on the financing reportedly wasn’t attractive to the Tier 1 operator, and it decided it didn’t need the money badly enough.
During the operator’s Q2 results call earlier this week, Sprint said it would use the proceeds from the convertible sale to help reduce its $24.3 billion in debt. Despite canceling the stock sale, the operator reiterated its plan to reduce gross debt by at least $1 billion by the end of Q3.
The beleaguered operator has been struggling for the better part of two years to get back on track after a steady and substantial subscriber exodus. During this week’s earnings call, the operator showed some improvement in customer retention, but still recorded a net loss of 901,000 subscribers for the quarter. During the same quarter, competitors AT&T and Verizon Wireless gained 1.3 million and 1.5 million new subscribers, respectively.