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Sprint units price offering for wireless spectrum-backed notes

Sprint Corp.'s three wholly owned special purpose subsidiaries priced a private placement offer of about $3.94 billion wireless spectrum-backed notes.

The offering consists of about $2.1 billion of Series 2018-1 4.738% senior secured notes, Class A-1, and $1.8 billion of Series 2018-1 5.152% senior secured notes, Class A-2, the company said March 14.

The Class A-1 notes and Class A-2 notes are being issued at par, and provide for interest-only periods followed by quarterly amortization payments, starting June 20, 2021, and June 20, 2023, weighted average lives of about 5.1 and 7.6 years and "anticipated repayment dates" of March 20, 2025, and March 20, 2028, respectively. The offering is expected to close March 21.

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, which serves as collateral for the notes issued by the companies, remains substantially identical to the original portfolio in October 2016.