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Sprint units start offering for wireless spectrum-backed notes

Sprint Corp.'s three wholly owned special purpose subsidiaries started a private placement offer of up to $3.94 billion of wireless spectrum-backed notes in two tranches.

The tranches have a different anticipated repayment date. This issuance is part of the $7.0 billion notes program that was established in October 2016.

The Sprint subsidiaries' directly owned subsidiaries have acquired a portfolio of FCC licenses and a small number of third-party leased license agreements from subsidiaries of Sprint Communications Inc., which comprise a portion of Sprint's 2.5GHz and 1.9GHz spectrum holdings, representing about 14% of Sprint's total spectrum holdings on a MHz-pops basis.

The spectrum portfolio has been leased back to Sprint Communications under a long-term lease agreement, the rental payments for which service the notes and subsidiaries other outstanding debt. The spectrum portfolio is substantially identical to the original portfolio, which serves as collateral for the notes issued by the subsidiaries in October 2016.