Underwriters exercise overallotment options in Sprint offering

KANSAS CITY, Mo.—Sprint Corp. said underwriters of its recent offering of 70 million shares of series 1 Sprint PCS common stock and 60 million equity units exercised their 15 percent overallotment options in full, bringing the total raised through the offering to $2.3 billion.
Sprint also announced it sold 18.4 million, including the overallotment options, of its common shares in EarthLink Inc, representing approximately 40 percent of its holdings. The sale, based on the net price of $12.40 per share, raised an additional $228 million for the company.
“Combined with a $2.4 billion global bond offering completed in January, Sprint has substantially completed its incremental funding needs for 2001,” Sprint said in a statement.