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, 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)

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