Sprint finances matters relating to proposed merger with T-Mobile
Clients Sprint Corporation
Jones Day represented Sprint Corporation, a communications services company, in connection with financing matters relating to the business combination agreement entered into on April 29, 2018 with T-Mobile US, Inc. and related transactions. Based on closing share prices on the trading day immediately preceding the date the business combination agreement was entered into, the total implied enterprise value of the combined company was approximately $146 billion.
As part of the transaction, Jones Day advised Sprint in connection with separate consents solicitations to amend various provisions of five series of notes of Sprint Corporation aggregating $12 billion and to amend various provisions of three series of notes of Sprint Communications Inc. aggregating approximately $5 billion. Both of the Sprint Corporation and Sprint Communications Inc. consent solicitations were successfully completed on May 14, 2018. In addition, Jones Day advised Sprint in connection with an additional consent solicitation to amend various provisions of two series of notes of its finance subsidiary, Sprint Capital Corporation, aggregating approximately $4.5 billion. The Sprint Capital Corporation consent solicitation was successfully completed on May 18, 2018. Jones Day also advised Sprint in connection with an additional consent obtained to amend various provisions of the indenture (and related spectrum lease) with respect to three series of notes aggregating $7 billion issued by its special purpose vehicle subsidiary Sprint Spectrum Co LLC (and additional co-issuers). The Sprint Spectrum Co LLC consent was successfully completed on June 6, 2018.