(Changes sourcing, adds details)
Oct 12 Sprint Corp, the No. 4 U.S. wireless carrier, said on Wednesday it planned to raise an initial $3.5 billion by mortgaging about 14 percent of its wireless airwaves.
The company, majority owned by Japan's SoftBank Group , estimates the airwaves are worth about $16.4 billion.
The spectrum portfolio, which includes FCC licenses and a small number of third-party leased license agreements, would be leased back, the company said.
The offering is expected to be rated investment grade by Moody's Investors Service and Fitch, Sprint said.
The carrier has been burning through cash as it faces intense competition for subscribers. The company had negative cash flow of $3.17 billion in the financial year ended March 31.
Sprint raised $1.2 billion in November and $2.2 billion in April through similar sale and lease-back deals.
Wall Street Journal first reported Sprint's plan on Tuesday. (on.wsj.com/2dbjNXQ) (Reporting by Abinaya Vijayaraghavan and Nayyar Rasheed in Bengaluru and Sriraj Kalluvila; Editing by Amrutha Gayathri)
AT&T reaches deal to buy Time Warner for more than $80 billion -WSJ
Oct 22 AT&T Inc reached a deal to buy media company Time Warner Inc for more than $80 billion, The Wall Street Journal reported on Saturday.
Trump vows to weaken U.S. media 'power structure' if elected
GETTSYBURG, Pa. , Oct 22 U.S. Republican presidential candidate Donald Trump promised on Saturday to foil a proposed deal for AT&T Inc to buy Time Warner Inc if he wins the Nov. 8 election, arguing it was an example of a "power structure" rigged against both him and voters.