This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

Sprint Announces Consent Solicitations By Its Subsidiaries, Clearwire Communications LLC And Clearwire Finance, Inc., With Respect To Their 14.75% Senior Secured Notes Due 2016 And 8.25% Exchangeable Notes Due 2040

Sprint Corporation (NYSE: S) announced today that Clearwire Communications LLC and Clearwire Finance, Inc. (the “ Issuers”), its wholly-owned subsidiaries, have commenced consent solicitations (the “ Consent Solicitations”) to holders of record as of 5:00 p.m., New York City time, on October 8, 2013, to amend (the “ Proposed Amendments”) (i) the indenture, as supplemented (the “ 2016 Notes Indenture”), governing the Issuers’ 14.75% Senior Secured Notes due 2016 (CUSIP Nos. 18538TAJ8 and U18512AE0) (the “ 2016 Notes”) and (ii) the indenture, as supplemented, governing the Issuers’ 8.25% Exchangeable Notes due 2040 (CUSIP Nos. 18538TAG4 and U18512AC4) (the “ 2040 Notes” and, together with the 2016 Notes, the “ Notes,” and each series of Notes, a “ Series”). If holders of a majority of the aggregate principal amount of the Notes of a Series deliver and do not revoke a consent to the applicable Proposed Amendments at or prior to the Expiration Time (as defined below), and if the conditions set forth in the consent solicitations statement, dated October 9, 2013 (as may be amended or supplemented from time to time, the “ Statement”) have been satisfied or, where possible, waived, the Issuers will make a cash payment of $2.50 per $1,000 principal amount of 2016 Notes in the case of the 2016 Notes and $2.50 per $1,000 principal amount of 2040 Notes in the case of the 2040 Notes (each, a “ Consent Payment”) to each holder of record who has validly delivered and not revoked a consent at or prior to the Expiration Time.

The Proposed Amendments will (i) permit the periodic reports filed by Sprint, the indirect public parent of the Issuers (rather than Clearwire Corporation), with the Securities and Exchange Commission to satisfy the Issuers’ public reporting and related obligations in the event that Sprint and the Issuers’ intermediate parent, Sprint Communications, Inc. (formerly known as Sprint Nextel Corporation) (“ Old Sprint”), in their sole discretion, irrevocably and unconditionally guarantee the Notes and (ii) in the case of the 2016 Notes provide that Sprint and its other subsidiaries will not be considered affiliates of the Issuers and their subsidiaries for purposes of the transactions with affiliates covenant under the 2016 Notes Indenture. If the requisite consents are not received with respect to a particular Series of Notes, and, as a result the Proposed Amendments do not become effective, no Consent Payment will be made with respect to that Series.

The Consent Solicitations with respect to each Series of Notes will expire at 5:00 p.m., New York City time, on October 16, 2013, unless otherwise extended or earlier terminated (such date and time, as the Issuers may extend from time to time with respect to either or both Series of Notes, the “ Expiration Time”).

This press release does not set forth all of the terms and conditions of the Consent Solicitations. Holders of Notes should carefully read the Statement and the accompanying materials for a complete description of all terms and conditions before making any decision with respect to the Consent Solicitations. Additional information concerning the terms and conditions of the Consent Solicitations, and the procedure for delivering consents, may be obtained from the solicitation agent, BofA Merrill Lynch at (888) 292-0070 (toll free) or (980) 388-3646 (collect). Copies of the Statement and related documents may be obtained from the information agent, D.F. King & Co, Inc., by calling (800) 431-9633 or (212) 269-5550 for banks and brokers or by email at sprint@dfking.com. The Issuers, Sprint, Old Sprint, the trustee with respect to each Series of Notes, the solicitation agent and the information agent or the tabulation and payment agent do not make any recommendation as to whether or not any holder should consent to the Proposed Amendments.

This announcement is for information purposes only and is neither an offer to sell or guarantee nor a solicitation of an offer to buy any Series of Notes or any other securities. This announcement is also not a solicitation of consents with respect to the Proposed Amendments or any securities. The solicitations of consents are not being made in any jurisdiction in which, or to or from any person to or from whom, it is unlawful to make such solicitations under applicable state or foreign securities or “blue sky” laws.

Stock quotes in this article: S 

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 +2.54 0.14%
NASDAQ 4,095.5160 +9.2910 0.23%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs