Sprint Closes on Senior Notes Offering

OVERLAND PARK, Kan. (BUSINESS WIRE), November 14, 2012 – Sprint Nextel Corp. (NYSE:S, news, filings) announced today it has closed its underwritten public offering of $2.28 billion aggregate principal amount of 6.000% notes due 2022.

As previously announced, Sprint intends to use the net proceeds from the offering to redeem all of the outstanding notes of Nextel Communications, Inc. due 2014 and 2015.

The joint book-running managers for the offering are Merrill Lynch, Pierce, Fenner & Smith Incorporated, Barclays Capital Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and J.P. Morgan Securities LLC.

These securities were offered pursuant to an effective shelf registration statement previously filed with the Securities and Exchange Commission, and a preliminary prospectus supplement and accompanying prospectus describing the terms of the offering have been filed with the Securities and Exchange Commission. You may obtain a preliminary prospectus supplement and prospectus by visiting EDGAR on the SEC website at http://www.sec.gov or by contacting Merrill Lynch, Pierce, Fenner & Smith Incorporated at Attn.: Prospectus Department, 222 Broadway, 11th Floor, New York, NY 10038, by calling toll free 1-800-294-1322 or by emailing dg.prospectus_requests@baml.com; Barclays Capital Inc. at c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, or by calling toll free 1-888-603-5847 or by emailing barclaysprospectus@broadridge.com; Citigroup Global Markets Inc. at Attn.: Citigroup Prospectus Delivery Department, Brooklyn Army Terminal, 140 58th Street, 8th floor, Brooklyn, NY 11220, or by calling toll free 1-800-831-9146 or by emailing batprospectusdept@citi.com; Deutsche Bank Securities Inc. at Attn.: Prospectus Group, 60 Wall Street, New York, NY 10005-2836, or by calling toll free 1-800-503-4611 or by emailing prospectus.CPDG@db.com; Goldman, Sachs & Co. at Attn.: Prospectus Department, 200 West Street, New York, NY 10282; or by calling 1-866-471-2526; or J.P. Morgan Securities LLC at Attn.: HY Syndicate, 383 Madison Avenue, 3rd floor, New York, NY 10179, or by calling collect 1-212-834-4533.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state.

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 nearly 56 million customers at the end of the third 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. The American Customer Satisfaction Index rated Sprint No. 1 among all national carriers in customer satisfaction and most improved, across all 47 industries, during the last four years. Newsweek ranked Sprint No. 3 in both its 2011 and 2012 Green Rankings, listing it as one of the nation’s greenest companies, the highest of any telecommunications company.

Cautionary Note Regarding Forward-Looking Statements

This news release includes “forward-looking statements” within the meaning of the securities laws. The statements in this news release regarding Sprint Nextel’s current expectations and beliefs as to the uses of proceeds from the issuance of the notes, as well as other statements that are not historical facts, are forward-looking statements. Forward-looking statements are estimates and projections reflecting management’s judgment based on currently available information and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. All information set forth in this release is as of November 14, 2012. Sprint Nextel does not intend, and undertakes no duty, to update this information to reflect future events or circumstances. Information about certain potential factors that could affect our business and financial results and cause actual results to differ materially from those expressed or implied in any forward-looking statements are included from time to time in our filings with the Securities and Exchange Commission, including Part I, Item 1A “Risk Factors” of our annual report on Form 10-K for the year ended December 31, 2011 and Part II, Item IA “Risk Factors” of our quarterly report on Form 10-Q for the quarter ended September 30, 2012.

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