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KANSAS CITY — Sprint Nextel Corp. said it has changed terms of its credit agreement, reducing the amount it can borrow and restricting the payment of cash dividends.
The nation's third-largest wireless company said Friday it can borrow up to $4.5 billion on the revolving credit facility, down from $6 billion.
The new agreement increases the allowed debt ratio to 4.25 times earnings before taxes and other charges, up from 3.5 times. In return, the company will pay higher interest and cannot pay cash dividends unless certain conditions are met.
The announcements come as Sprint lost $326 million, or 11 cents per share, during the three months ending Sept. 30 versus a profit of $64 million, or 2 cents per share, a year ago.
Its revenue fell 12 percent to $8.81 billion.
© 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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 | Sprint Nextel losing subscribers and money | Associated Press | Thu Nov 6 | 1 |
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