Sprint Nextel to Retire $1 Billion of 2013 Debt Maturities

OVERLAND PARK, Kan. (BUSINESS WIRE), May 29, 2012 – Sprint Nextel (NYSE:S, news, filings) announced today that it intends to redeem a portion of fourth quarter 2013 debt maturities with an aggregate principal amount of $1 billion on June 8, 2012. The securities comprising the partial debt retirement are the Nextel Communications, Inc. 6.875% Notes due 2013.

The Notes will be redeemed at par, plus accrued and unpaid interest until the redemption date. After this partial retirement, the remaining outstanding principal balance of such Notes will be approximately $473 million.

About Sprint Nextel

Sprint Nextel offers a comprehensive range of wireless and wireline communications services bringing the freedom of mobility to consumers, businesses and government users. Sprint Nextel served more than 56 million customers at the end of the first quarter of 2012 and is widely recognized for developing, engineering and deploying innovative technologies, including the first wireless 4G service from a national carrier in the United States; offering industry-leading mobile data services, leading prepaid brands including Virgin Mobile USA, Boost Mobile, and Assurance Wireless; instant national and international push-to-talk capabilities; and a global Tier 1 Internet backbone. Newsweek ranked Sprint No. 3 in its 2011 Green Rankings, listing it as one of the nation’s greenest companies, the highest of any telecommunications company. You can learn more and visit Sprint at www.sprint.com or www.facebook.com/sprint and www.twitter.com/sprint.