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Reality Check: Sprint Cancels Convertible Bond Offering, Stock Soars

in News on August 8, 2008 at 10:43 am PT

Shares of Sprint-Nextel (S) are soaring this morning after the company confirmed rumors last night that it canceled the sale of $3 billion of convertible bonds that threatened common stock holders with substantial dilution. According to the press release, Sprint nixed the deal because “the terms being offered were not economically attractive due to unfavorable market conditions.”