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Sprint Looks to Raise Cash for Network Expansion, Modernization

Mon, 12/09/2013 - 10:53am
Ben Munson

Sprint today announced plans to raise money for network expansion and modernization efforts.

The carrier did not specify when the sale might occur or how much it hopes to raise with the offering.

Sprint has been busy with its Network Vision plans to deploy LTE on its recently refarmed 800 MHz spectrum, the 2.5 GHz spectrum it scored in the Clearwire acquisition, as well as its ongoing operations on the 1.9 GHz PCS band. The tri-band LTE offering has been dubbed Sprint Spark.

Sprint stood to receive a big influx of cash when Japanese carrier SoftBank bought an 80-percent share in the carrier earlier this year. Under the initial agreement with SoftBank, Sprint was to receive $8 billion in capital. But after SoftBank was forced to raise its bid to ward off advances from Dish Network, the capital for New Sprint shrunk to $5 billion.

Proceeds from the sale of the notes, due 2024, will also go toward funding retirement or service requirements of outstanding debt.

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