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

  • ID: 2084369
  • December 2005
  • Standard & Poors
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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 of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

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- Sprint Nextel Corp.
- Nextel Communications Inc.

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