Sprint obtains $6 billion credit facility

Client(s) Sprint Communications, Inc.

Jones Day represented Sprint Corporation, a communications services company, in connection with a new $6 billion secured credit facility with JPMorgan Chase Bank, N.A., as administrative agent for certain lenders. The credit facilities replaced the company's $3.3 billion unsecured revolving credit facility due to expire in February 2018. The financing consisted of $4 billion in initial term loans and a $2 billion revolving credit facility. Sprint Corporation, a Delaware corporation, and certain subsidiaries of Sprint Communications, Inc. acted as guarantors under the credit facility. In connection with the credit agreement, Sprint Communications, Inc. also amended and restated its credit agreement with Export Development Canada, as lender, to provide equal and ratable security therefor.