Sprint Shores Up Financial Position
Sprint signed an agreement with several bankruptcy remote entities, collectively called Network LeaseCo, for the sale and leaseback of some of its network assets, mostly equipment located at cell towers, the carrier said in a news release Wednesday. The transaction…
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is expected to close next week and give Sprint $2.2 billion in funding, the carrier said: “When closed, the transaction will immediately improve the company’s liquidity position at an attractive cost of capital in the mid-single digits.” Sprint Chief Financial Officer Tarek Robbiati said the company developed the deal in cooperation with parent SoftBank. “This transaction is an important first step in addressing upcoming debt maturities and allows us to stay focused on our corporate transformation, which involves growing topline revenues and aggressively taking costs out of the business to improve operating cash flow,” he said. Sprint said it will pay the money back in staggered, unequal payments through January 2018.