Sprint Offers Bondholders $1 to Allow SoftBank Deal

Photo courtesy of Creative Commons

Sprint Nextel Corp. is offering a dollar to its bondholders to alter their bond agreement to allow Tokyo-based SoftBank Corp. to buy control of the wireless phone company.

Without the changes in the bond agreement, Sprint would be required to buy back the bonds if there is a change in control of the company. Sprint also would have to pay 101 percent of the bonds’ face value plus any unpaid interest that has accrued.

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