Sprint Corp. on Thursday said it had commenced an offering of $1
billion in senior notes.
The company said it plans to use the proceeds from the offering
for expanding its network and modernization, among other general
corporate purposes.
The move comes almost three weeks after network monitor
RootMetrics said that Sprint's network has improved a great deal in
the past six months but that its performance and data speed still
lag significantly behind rivals AT&T Inc., Verizon
Communications Inc. and T-Mobile US Inc.
The offering also follows Sprint's recent $1.9 billion
write-down of the value of its brand name earlier this month.
New Chief Executive Marcelo Claure is leading Sprint through a
turnaround period after posting a several losses in recent years as
customers have left its network.
In the most recent quarter, Sprint slowed down its losses of
retail postpaid subscribers, which are considered the most
lucrative customers in the industry.
The company is also looking to partner with Standard General LP
to take over as many as 2,400 stores from failing electronics
retailer RadioShack Corp.
Write to Michael Calia at michael.calia@wsj.com
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