Sprint Nextel Corporation Closing Of $1 Billion Of Notes Due 2017 And $1 Billion of Guaranteed Notes Due 2020

Sprint Nextel Corporation announced the closing of its previously announced offering of $1 billion aggregate principal amount of 9.125% Notes due 2017 (the 2017 Notes) and $1 billion aggregate principal amount of 7% Guaranteed Notes due 2020 (the 2020 Notes and, together with the 2017 Notes, the Notes). The 2020 Notes are guaranteed by the Company’s subsidiaries that guarantee its existing credit agreements. The Company intends to use the net proceeds from the offering of the Notes for general corporate purposes, which may include, among other things, redemptions or service requirements of outstanding debt, network expansion and modernization and potential funding of Clearwire Corporation and its subsidiary Clearwire Communications LLC. The Notes and the guarantees related to the 2020 Notes have not been registered under the Securities Act of 1933 (the “Act”) or the securities laws of any other place and may not be offered or sold in the United States absent registration or an applicable exemption therefrom. The Notes are offered only to qualified institutional buyers under Rule 144A and to persons outside the United States under Regulation S.