(Reuters) - Sprint Nextel Corp <S.N> plans to raise $2 billion in debt in a private transaction, the company said on Monday.
Sprint, which is spending $7 billion on a network upgrade, said it would use the funds for general purposes, including its network upgrade or potential funding of Clearwire Corp <CLWR.O>, in which it already has a majority stake.
The No. 3 U.S. mobile provider said the notes would be due in 2017 and 2020. Sprint already sold $4 billion in bonds in November to help it fill a funding gap for its network upgrade and its commitment to pay more than $15 billion to Apple Inc <AAPL.O> for their iPhone agreement.
Sprint Debt: Company Offers $2 Billion In Notes