Oct 12 Sprint Corp, the No. 4 U.S.
wireless carrier, is preparing to mortgage a little more than 10
percent of its wireless airwaves to raise cash, the Wall Street
Journal reported on Tuesday, citing people familiar with the
The company, whose majority owner is Japan's SoftBank Group
, believes the airwaves are worth more than $14 billion
and will try to raise about $3.5 billion initially, the Journal
Sprint could not be immediately reached for comment.
In November, Sprint signed a $1.2 billion deal for the sale
and lease-back of certain leased devices and in April, said it
would raise $2.2 billion in cash through the sale and lease-back
of certain network assets.
The company had negative cash flow of $3.17 billion in the
financial year ended March 31.
The carrier, which has been burning through cash as it faces
intense competition for subscribers, has said it aims to slash
costs by more than $2 billion this fiscal year.
(Reporting by Abinaya Vijayaraghavan in Bengaluru; Editing by