AT&T’s BlackBerry Coup and 3 Telecom Titans Attracting Interest

Sprint (NYSE:S): Sprint Nextel has replaced a $2.2 billion revolving line of credit, expiring during October with a larger pact. JPMorgan Chase & Co. (NYSE:JPM) and Citigroup Inc. (NYSE:C) arranged the new deal, which is set to mature in February 2018 and expands its borrowing capacity by $600 million, the company claimed today in a regulatory filing. Proceeds are to be used for general corporate purposes, claims Sprint Nextel. Under terms of the credit pact, the company’s debt to earnings is not allowed to exceed 6.25 times through June 30, 2014, reducing gradually to four times for the fiscal quarter that ends on December 31, 2016, and remaining at that level for its duration, according to the filing.

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