Sprint Corp. is borrowing against its most valuable asset – the airwaves – to buy more time for a turnaround.

Just as some companies sell their building to investors who then lease it back to them, the wireless carrier is entering into a sale and lease back transaction for a portfolio of spectrum licenses granted by the U.S. government. Rather than selling the spectrum licenses (and third-party lease agreements) directly to investors, however, it is contributing them to three special purpose vehicles that will lease the collateral back to Sprint under a “hell or high water” lease, which has extremely limited termination rights.

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