Sprint Announces Closing of $1B of Notes Due 2021 and $3 Billion of Notes Due 2018

Sprint Nextel Corp. S announced today the closing of its previously announced offering of $1 billion aggregate principal amount of 11.5% notes due 2021 and $3 billion aggregate principal amount of 9% guaranteed notes due 2018 The 2018 Notes are guaranteed by the company's wholly-owned subsidiaries that guarantee its existing credit agreements. The company intends to use the net proceeds from the offering of the Notes for general corporate purposes, which may include, among other things, redemptions or service requirements of outstanding debt, network expansion and modernization and potential funding of Clearwire Corporation and, its subsidiary, Clearwire Communications LLC.