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Sprint Nextel Announces Floating Rate Notes Offering


Sprint Nextel (NYSE: S) today announced that it has priced a $750 million underwritten public offering of floating rate notes due 2010. The notes will bear interest at a rate equal to three-month LIBOR plus 40 basis points, reset and paid quarterly. They will be issued under an indenture between Sprint Nextel Corporation and The Bank of New York Trust Company, N.A., as trustee. The terms of the notes include those stated in the indenture and those made part of the indenture by reference to the Trust Indenture Act of 1939.

The notes will rank equally with Sprint Nextel Corporationís other indebtedness. Barclays Capital Inc., Bear, Stearns & Co. Inc., and Greenwich Capital Markets, Inc. are joint book-running managers. Interested parties may obtain a written prospectus from Barclays Capital Inc. by telephone at 1-888-227-2275 extension 2663, from Bear, Stearns & Co. Inc. by telephone at 1-866-803-9204 or from Greenwich Capital Markets, Inc. by telephone at 1-866-884-2071.

The net proceeds from the offering will be used for general corporate purposes. The sale of the debt securities is expected to close on June 28, 2007.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.


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