Verizon to Sell Stock to Pay for 700MHz Winnings

posted Apr 2, 2008, 4:18 AM   by Eric M. Zeman

Verizon Wireless said it plans to sell $8 billion worth of new stock and debt notes in order to pay for the 700MHz spectrum licenses it won from the government. Verizon needs to make a $1.4 billion dollar downpayment on April 3, and will have to pay the remaining $7.5 billion by April 17. Verizon wireless already has over $31 billion in debt, and only $1.15 billion in cash. Verizon's spectrum winnings totaled $9.36 billion.

more info at CNN »

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