Sprint gets $2.2 billion through SoftBank financing deal

Sprint Corp. has agreed to sell $3 billion worth of network assets to its parent company, SoftBank Group Corp., and investors for $2.2 billion in cash. Sprint will then lease back the assets in order to continue providing service to its customers.

Overland Park, Kan.-based Sprint will use the extra cash to repay maturing debt and invest in new network technology. The telecom company has almost $12 billion in debt that it must repay or refinance over the next five years.

Read more: Bloomberg, Kansas City Star


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