Sprint Corp is meeting with banks to work out funding for its bid for smaller rival T-Mobile US Inc, a source familiar with the situation said, as the mobile carrier works to ease regulatory concerns that the deal would hurt competition.The source said that Sprint, which is owned by Japan's SoftBank Corp, is hoping to fund the bulk of T-Mobile's estimated $50 billion price tag with corporate bonds and cover the rest with syndicated loans and convertible bonds.Sprint is currently talking to at least five banks, the source told Reuters, including JP Morgan, Goldman Sachs and Deutsche Bank.Bloomberg, which first reported that Sprint was in talks with banks on Thursday morning in Asia, said the carrier was also talking to Mizuho Financial Group Ltd and Citibank. Softbank is expected to make a formal offer in June or July, Bloomberg added.
Shares of MFG traded higher by 0.51% or $0.02/share to $3.91. In the past year, the shares have traded as low as $3.62 and as high as $4.55. On average, 356282 shares of MFG exchange hands on a given day and today's volume is recorded at 329800.
Shares of TMUS traded higher by 0.86% or $0.25/share to $29.29. In the past year, the shares have traded as low as $16.55 and as high as $34.10. On average, 5035400 shares of TMUS exchange hands on a given day and today's volume is recorded at 5638581.
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