Sprint Capital to Proceed With $2 Billion Debt Offering

Sprint Capital Corp., a unit of long-distance provider Sprint(FON Quote - Cramer on FON - Stock Picks), is planning a $2 billion global senior unsecured debt offering that will be unconditionally guaranteed by the parent company.

Salomon Smith Barney and UBS Warburg will jointly lead manage the offering, which the telecom company will use to refinance short-term debt.

The securities will be issued from an existing debt shelf registration statement already filed with the Securities and Exchange Commission.