Firm raises $1.5 billion

Friday, March 1, 2002 | 11:02 a.m.

KANSAS CITY, Mo. -- Sprint Corp., the third-biggest U.S. long-distance telephone operator and the main local phone company in Las Vegas, will raise $1.5 billion to relieve investor concerns that the company would lose access to short-term loans.

Citibank and Deutsche Bank agreed to loan Sprint $1 billion for nine months, backed by its directory publishing operation, the company said in a statement. It plans to raise $500 million within 60 days by pledging money owed to the PCS Group mobile-phone unit.

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