Shearman & Sterling advised on Sprint Corporation’s $6.5 billion high-yield bond offering—reportedly the largest-ever high-yield bond offering sold directly to investors. The firm represented J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co., and RBC Capital Markets LLC as joint book-running managers; Scotia Capital (USA) Inc. and Wells Fargo Securities, LLC as senior co-managers; and The Williams Capital Group, L.P. as co-manager. The offering consisted of $2.25 billion of 7.250% notes due 2021 and $4.25 billion of 7.875% notes due 2023.
Shearman & Sterling has been involved in the issuance of over $15 billion of Sprint notes in the past two years. The team on this latest transaction included partner Robert Roberts (New York-Capital Markets); of counsel James Scott (New York-Capital Markets); and associates Fraser Hartley (New York-Capital Markets), Elise Corey (San Francisco-Capital Markets), Bilal Choksi (Toronto-Capital Markets), and Joshua Rivera (New York-Corporate Group).
