RESTON, Va.-Nextel Communications Inc. moved closer to completing its merger with Sprint Corp. Friday, announcing that it has received permission from shareholders to exchange three series of redeemable notes.
The carrier said it will replace the following senior serial redeemable notes with Sprint Nextel shares once the merger is completed: 7.375-percent notes due 2015, Series A; 6.875-percent notes due 2013, Series B; and 5.95-percent notes due 2014, Series C. The exchange offer and consent solicitation are set to expire at midnight Eastern Daylight Time tonight.
The $35 billion merger is expected to close within two weeks, and the operators are expected to begin doing business as one entity within two months.
