Sprint Corporation plans to securitize its wireless service accounts receivables.
The wireless and wireline communications services provider said in a press release Friday that its has entered into a $1.3 billion credit facility agreement with the Bank of Tokyo-Mitsubishi UFJ, Ltd., as administrative agent, based on the securitization of its wireless service accounts receivable.
The receivables will be sold on a revolving basis over a two-year term beginning on May 16, 2014. The revolving period of the agreement is scheduled to end on May 16, 2016.
Other banks involved in the facility are the Bank of Nova Scotia, Mizuho Bank and Sumitomo Mitsui Banking.