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NEW YORK (TheStreet) -- Sprint (S) - Get Free Report is reportedly close to securing $45 billion in debt financing in preparation for a bid for T-Mobile (TMUS) - Get Free Report.

Sprint rose 8.3% to $8.49, and T-Mobile gained 5.3% to $31.74 Wednesday.

According to Dealreporter Sprint will gain financing from JPMorgan, Citigroup, and Bank of America-Merrill Lynch. Depending on deal conditions the financing could be lowered to $40 billion.

Sprint reportedly wants to have a deal in place before its earnings report next week.

Sprint chairman Masyoshi Son met with FCC chairman Tom Wheeler Tuesday, and the two likely discussed the potential merger with T-Mobile. Earlier Wednesday the FCC signaled such a merger would face major obstacles, and may not be approved.

The U.S. Department of Justice previously suggested it would not approve such a merger.

Sprint, JPMorgan, Citigroup, and Bank of America-Merrill Lynch have not yet responded to TheStreet's requests for comment.

Must Read: Sprint (S) Chairman to Likely Discuss T-Mobile (TMUS) Merger With FCC: Report

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