Sprint wraps $900M add-on leveraged loan

Sprint Communications completed a $900 million fungible add-on to its B-1 term loan due February 2024 (L+300, 0.75% LIBOR floor) in a transaction led by J.P. Morgan, according to sources. Terms were finalized tight to talk at an OID of 98, with a $500 million upsizing. Proceeds will be used for general corporate purposes. The issuer in November 2018 placed the original $1.1 billion TLB-1. Overland Park, Kan.–based Sprint Communications, a wholly owned subsidiary of Sprint Corp. (NYSE: S), is a provider of U.S. wireless telecommunications. Terms:

Borrower Sprint Communications
Issue $900 million fungible add-on B-1 term loan
Spread L+300
LIBOR floor 0.75%
Price 98
Tenor February 2024
YTM 6.32%
Four-year yield 6.66%
Call protection 101 soft call
Corporate ratings B/B2/B+
Facility ratings BB-/Ba2/BB+
Recovery ratings 1
Financial covenants None
Arrangers JPM
Admin agent JPM
Px Talk L+300/0.75%/97–97.5
Sponsor Public
Notes Upsized by $500 million.

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