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.
- Sprint: A Bankruptcy Risk?
- Sprint Needs $3B to Fufill Its 'Network Vision'
- Sprint to Raise $2B
- Sprint Keeps Clearwire (& Unlimited) Alive
— Dan Jones, Site Editor, Light Reading Mobile