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Sprint closes $3.94B offering of wireless spectrum-backed notes

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

The offering consisted of approximately $2.1 billion in series 2018-1 4.738% senior secured notes, class A-1, and $1.8 billion in series 2018-1 5.152% senior secured notes, class A-2.

The class A-1 notes and class A-2 notes have been issued at par and provide for interest-only periods to be followed by quarterly amortization payments starting on June 20, 2021, and June 20, 2023, with weighted average lives of about 5.1 and 7.6 years, and "anticipated repayment dates" of March 20, 2025, and March 20, 2028, respectively, according to a March 21 news release.

Sprint is a subsidiary of SoftBank Group Corp.