Sprint - Nextel 2007 Annual Report Download - page 141

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SPRINT NEXTEL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Note 16. Subsequent Events
Severance and Exit Costs
Management announced in January 2008 that we intend to further streamline our cost structure through a
work force reduction, reduced utilization of outsourced services and contractors, and the elimination of third-
party distribution points and company-owned retail locations. The reduction in workforce will be completed
using a combination of involuntary and voluntary separation plans. We expect to record a charge for the
severance and related costs associated with the workforce reduction of about 4,000 internal positions in the first
quarter 2008. We will record a charge related to exit and other costs associated with the elimination of certain
distribution points and retail locations as we incur them throughout 2008.
Credit Facility
On February 27, 2008 we drew down $2.5 billion in principal amount under our revolving credit facility.
We now have about $500 million of borrowing capacity available under our revolving credit facility.
F-56