Sprint Nextel Corp. on Tuesday announced plans to retire nearly $1.5 billion in debt maturing in 2013 and 2015 on Aug. 24.
The telecommunications company intends to redeem the remaining portion of 2013 debt maturities with an aggregate principal amount of $472.9 million. Sprint also plans to redeem 2015 debt maturities with a principal amount of roughly $1 billion.
After the debt is retired, Sprint will still owe an outstanding principal balance of $1.1 billion on 2015 notes.
Sprint announced last week that it planned to use funds from a $1.5 billion public offering for "general corporate purposes" that could include redeeming outstanding debt, among other things. In a press release, the company didn’t specify the source of the funds that it’s using to retire the debt.