If Sprint pairs up with T-Mobile, as it is reportedly considering, the wireless carrier would most likely repay $3.5 billion of notes backed by leases on its spectrum licenses, according to Moody’s Investors Service. So investors would have little to worry about, aside from how to put their money back to work.

In a report published Tuesday, Moody’s noted that repaying the notes, which were issued last year, would require a make-whole premium of 50 basis points over the interest rates on Treasury bonds with the same tenor.

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