US wireless carrier Sprint has raised $6.5bn in what is said to be the largest high-yield junk bond sale since June 2008.
Proceeds from the bond sale will be used for general corporate purposes, such as redemptions or service requirements of outstanding debt, as well as to expand and upgrade its wireless network.
Sprint's 10-year, $4.25bn aggregate principal amount of 7.87%, is priced to yield 498 basis points, while its $2.25bn aggregate principal amount of 7.25%, eight-year debt would yield 466 basis points.
The US wireless carrier also revealed that the bonds would be sold confidentially to eligible institutional customers as per policies that set free the firm from registering the bonds with the Securities and Exchange Commission.
The latest bond sale was earlier planned to be launched in August 2013 and comes after Verizon Communications plan to raise $61bn in financing to shore up its huge deal to completely acquire its wireless unit.
Verizon Communication acquired Vodafone's 45% stake in Verizon Wireless under a $130bn deal, which is claimed to be one of the biggest business moves in history.