Sprint Nextel S announced today the closing of its previously
announced convertible bond sale to Starburst II, Inc., a wholly-owned
subsidiary of SOFTBANK CORP., pursuant to which Starburst II agreed to
purchase from Sprint a bond in the principal amount of $3.1 billion in
connection with the proposed strategic combination of Sprint and SOFTBANK.
Subject to the provisions of the bond purchase agreement, the bond is
convertible into an aggregate of 590,476,190 shares of Sprint common stock, or
approximately 19.65% of the current outstanding shares. If not earlier
converted, principal and any accrued but unpaid interest under the bond will
be due and payable on October 15, 2019. The principal balance of the bond will
bear interest at 1.0% per annum, with interest payable semi-annually in
arrears on April 15 and October 15, beginning on April 15, 2013.
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