Banks to Revise Terms of Sprint Loans

Sprint Corp. said its banks will revise the terms of as much as $1.1 billion in loans secured by money customers owe, reducing the likelihood that the company might have to repay them early.

The terms of Sprint’s previous loans required that at least $250 million be repaid early if Moody’s Investors Service or Standard & Poor’s cut Sprint’s rating to junk level. The ratings companies downgraded Sprint, the third-largest U.S. long-distance telephone provider, to their lowest investment-grade level in June.

Shares rose 16 cents to $10.05 on the New York Stock Exchange.