Sprint Chases $3B in Vendor Financing

CFO says the operator is 'on track' to get funding from up to three vendors this quarter

Dan Jones, Mobile Editor

March 28, 2012

1 Min Read
Sprint Chases $3B in Vendor Financing

Sprint Corp. (NYSE: S)'s CFO, Joe Euteneuer, is hoping to net up to US$3 billion in vendor funding by the end of the second quarter.

Speaking at the Barclays Capital High Yield Bond And Syndicated Loan Conference on Tuesday, Euteneuer said that the carrier is "on track" to close as much as $3 billion in funding from three separate infrastructure vendors.

"We just went out and got $2 billion ... the goal would be to complete the vendor financing, we're still in the range of $1 billion to $3 billion," Euteneuer confirmed. "We said it was a second-quarter exercise and we're still on track for that."

Why this matters
Analysts at Mizuho Securities USA Inc. estimated in January that Sprint needs $3 billion to complete its ambitious "Network Vision" upgrade and move to LTE. More recently, analyst Craig Moffett at Sanford C. Bernstein & Co. Inc. has said that the operator may even be a bankruptcy risk.

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— Dan Jones, Site Editor, Light Reading Mobile

About the Author(s)

Dan Jones

Mobile Editor

Dan is to hats what Will.I.Am is to ridiculous eyewear. Fedora, trilby, tam-o-shanter -- all have graced the Jones pate during his career as the go-to purveyor of mobile essentials.

But hey, Dan is so much more than 4G maps and state-of-the-art headgear. Before joining the Light Reading team in 2002 he was an award-winning cult hit on Broadway (with four 'Toni' awards, two 'Emma' gongs and a 'Brian' to his name) with his one-man show, "Dan Sings the Show Tunes."

His perfectly crafted blogs, falling under the "Jonestown" banner, have been compared to the works of Chekhov. But only by Dan.

He lives in Brooklyn with cats.

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