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Research Update: Sprint Nextel Corp.'s $9.2B Senior Unsecured Credit Facility Rated 'A-' Dec 05 Product Image

Research Update: Sprint Nextel Corp.'s $9.2B Senior Unsecured Credit Facility Rated 'A-' Dec 05

  • Published: December 2005
  • Standard & Poors

Abstract
On Dec. 15, 2005, Standard & Poor's Ratings Services assigned its 'A-' rating to the $9.2 billion senior unsecured credit facility of Sprint Nextel Corp. The facility consists of a $6 billion five-year revolving loan and a $3.2 billion 364-day term loan. The term loan will be fully drawn at closing, and proceeds will be used to repay the $3.2 billion outstanding amount on the $6.2 billion bank facility of Nextel Communications Inc., which will be terminated. The new facility also will support $2.5 billion in letters of credit issued in connection with the FCC spectrum re-banding process. Sprint Nextel Corp., Sprint Capital Corp., and Nextel Communications Inc. are co-borrowers under the facility. Existing ratings on Sprint Nextel, including the...

Companies mentioned in this report are:
- Sprint Nextel Corp.
- Nextel Communications Inc.

Action: Affirmed
Action: New Rating

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating READ MORE >

- Sprint Nextel Corp.
- Nextel Communications Inc.

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