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Sprint Capital Corp. $1 Billion Senior Unsecured Notes Rated 'BBB+' Aug 01 Product Image

Sprint Capital Corp. $1 Billion Senior Unsecured Notes Rated 'BBB+' Aug 01

  • ID: 2084417
  • August 2001
  • Standard & Poors

FEATURED COMPANIES

  • Centel Capital Corp.
  • Centel Corp.
  • Central Telephone Co.
  • Sprint Capital Corp.
  • Sprint Nextel Corp.
  • Sprint Spectrum L.P.
  • MORE

Abstract
NEW YORK (Standard & Poor's) Aug. 7, 2001--Standard & Poor's today assigned its triple-'B'-plus rating to Sprint Capital Corp.'s proposed $1 billion senior unsecured notes due 2006, which will be guaranteed by Sprint Corp. (Sprint). These notes are accompanied by a mandatory common equity purchase contract of the same amount that obligates the noteholders to buy newly issued Sprint PCS shares in 2004. This equity sale accomplishes only some of the deleveraging that Standard & Poor's has noted is needed to maintain the ratings. Proceeds from the notes, along with a simultaneous $1 billion equity offering of Sprint PCS common shares, will be used to repay debt, to fund investments and working capital requirements, and for general corporate purposes. In...

Companies mentioned in this report are:
- Sprint Nextel Corp.
- Carolina Telephone & Telegraph Co.
- Centel Corp.
- Sprint-Florida Inc.
- United Telephone Co. of Ohio
- Central Telephone Co.
- Centel Capital Corp.
- Sprint Capital Corp.
- Sprint Spectrum L.P.

Action: New Rating

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international READ MORE >

- Sprint Nextel Corp.
- Carolina Telephone & Telegraph Co.
- Centel Corp.
- Sprint-Florida Inc.
- United Telephone Co. of Ohio
- Central Telephone Co.
- Centel Capital Corp.
- Sprint Capital Corp.
- Sprint Spectrum L.P.

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