...NEW YORK (S&P Global Ratings) Jan. 11, 2017--S&P Global Ratings today assigned its '##-' issue-level rating and '1' recovery rating to Overland Park, Kan.-based wireless service provider Sprint Corp.'s proposed $3.5 billion senior secured credit facility, which consists of a $2 billion revolver due 2021 and $1.5 billion term loan due 2024. The '1' recovery rating indicates our expectation for very high (90%-100%) recovery in the event of payment default. We also placed the 'B' issue-level rating on Sprint's $200 million of 9.25% debentures due 2022 on CreditWatch with positive implications since this debt will be granted the same security as the new credit facility assuming secured debt exceeds 5% of total debt under the indenture. The new credit facility will be issued at Sprint Communications, a wholly-owned subsidiary of Sprint Corp. Security under the credit facility will consist of all assets of Sprint Communications and guarantors. We expect Sprint will use proceeds from the term...
