Sprint gets $2.2B in network leaseback deal

Overland Park, Kan.-based wireless carrier Sprint Corp. is turning to its own assets to shore up needed cash.

Sprint (NYSE: S) entered a network leaseback deal with several bankruptcy-remote entities collectively dubbed Network LeaseCo. Those entities are typically set up to acquire and finance specific assets and allow those obligations to be legally secured even if the parent company goes bankrupt.

In the deal, Sprint is expected to receive $2.2 billion.

Network LeaseCo will purchase existing network assets and lease them back to sprint.

Read more from the Kansas City Business Journal.