Sprint pays off $1 billion loan

16 November 2009 @ 10:49 am EDT

Sprint Nextel Corp said on Monday the company has paid down a $1 billion loan outstanding under its $4.5 billion revolving credit facility.


Sprint pays off $1 billion loan
Dan Hesse, president and CEO of Sprint Nextel, speaks during a keynote address at the CTIA Wireless convention in Las Vegas, Nevada April 1, 2008. The Instinct, Sprint Nextel Corp's answer to the iPhone, will sell for $130 after rebate, Sprint said on Wednesday.
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Sprint, which had ended the third quarter with $5.9 billion in cash and equivalents, said the payment means it no longer has an outstanding balance on its revolving credit facility.

At the end of the third quarter Sprint had about $20.9 billion in long-term debt, financing and capital lease obligations.

Sprint shares rose to $3.35 in premarket trade after closing at $3.10 on New York Stock Exchange on Friday.

(Reporting by Sinead Carew, editing by Gerald E. McCormick)

Copyright 2009 Thomson Reuters. All rights reserved.

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