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Nextel

(NXTL)

said late Wednesday that it's planning a public offering of $1 billion of debt.

The wireless communications company said it will sell 7.375% senior serial redeemable notes due in 2015. Nextel expects to use the proceeds for general corporate purposes.

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Shares of Nextel, based in Reston, Va., were up about 14 cents at $20.14 in morning trading.