Sprint to snag $2.2B in network equipment sale, lease

Sprint has announced a plan to shore up its financial house by striking a deal to sell portions of its network assets for $2.2 billion and then lease them back.The assets bought by bankruptcy-remote companies, or special goal entities within Sprint, will be used as collateral to borrow the money from investors, including its majority owner, Japan’s SoftBank Group Corp. Pigeon Forge Helicopter Crash Victims Identified
That factual report will be sent to the NTSB board in Washington D.C. where they will decide on a probable cause of the crash. An employee of Smoky Mountain Helicopters opens their gate for an investigator, Tuesday, April 5, 2016, in Sevierville, Tenn. Sprint, which has booked more than seven years of losses and has $34 billion in debt, has been the most aggressive price cutter among the four nationwide carriers, offering promotions such as $1 iPhones and charging customers half the cost of their bills with other carriers. The assets are being sold to an entity that Sprint will consolidate into its financial reports, similar to the phone-leasing company SoftBank created previous year to help Sprint raise $1.2 billion.The network assets are said to have a value of approximately $3 billion, and include primarily of equipment located at cell towers. When closed, the transaction will immediately improve the company’s liquidity position at an attractive cost of capital in the mid-single digits. Network LeaseCo will, in turn, lease those assets back to Sprint so they can continue doing business, after which the carrier will repay funds “in staggered, unequal payments through January 2018”. Washington governor bans state travel to Mississippi
Nathan Deal , also a Republican, vetoed a religious exemptions bill under pressure from businesses across the country. The southern American state of MS has passed a law which could make it more hard for same sex couples to marry. As of December 31, Sprint had total liquidity of $6 billion with an additional $600 million of availability under vendor financing agreements. In addition, Sprint will record interest expense incurred in connection with the debt of Network LeaseCo. Amazon expands same-day Prime delivery to 11 cities
Amazon has been developing its own network of trucks and drivers in an effort to take more control of its shipping processes. Prime members pay $99 a year for a membership that includes shipping perks and video streaming, among other advantages.