Sprint Nextel Files for Embarq Stock Units

7:20 am on April 19, 2006 | Category: Business

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Sprint Nextel filed an application with U.S. regulators yesterday to register restricted stock units for its Embarq spin-off unit.

The telecom giant plans to sell $4.1 billion in notes, as part of the spin-off of its incumbent local phone operations into a separate company. The deal will also involve shares in the new company being issued to current and former Sprint Nextel employees.

Once all regulatory approval is finalized, the newly formed local phone company, Embarq, will trade under the symbol “EQ” on the New York Stock Exchange.

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