KANSAS CITY-Sprint Corp. announced it completed the recapitalization of its common stock into two separate classes and the restructuring of Sprint Spectrum L.P., branded Sprint PCS.
With the recapitalization, each share of Sprint’s publicly traded common stock has been reclassified into a half share of PCS stock and one share of FON stock. The PCS stock reflects the performance of Sprint’s personal communications services operations and the FON stock reflects Sprint’s local, long-distance and other operations.
Shares of both stocks began regular trading on the New York Stock Exchange Nov. 24, under the ticker symbols PCS and FON. Also, Sprint PCS stock has become a component of the Standard & Poor’s 500 stock index.
With the restructuring, Sprint has acquired ownership interests of its partners in Sprint PCS-Tele-Communications Inc., Cox Communications Inc. and Comcast Corp.-in exchange for low-vote shares of the PCS stock.
