US mobile operator Sprint Nextel plans to raise USD 3 billion in an issue of preferred convertible shares. The company will issue 3 million shares worth USD 1,000 each and convertible into common stock. The purchasers will have an option to buy another 450,000 shares within 30 days of the issue. Sprint Nextel intends to use the proceeds for general corporate purposes, which may include debt reduction. The announcement came alongside second-quarter results showing a net loss of USD 344 million at the operator, versus a profit of USD 19 million a year ago. Sprint lost another 901,000 mobile customers during the quarter, to take its base to 51.9 million at the end of June. Revenues fell 11 percent year-on-year to USD 9.06 billion, and adjusted OIBDA fell 27 percent to USD 2.1 billion. Sprint forecast a further decline in OIBDA in Q3 versus the previous three months, as losses in postpaid users accelerate and postpaid ARPU comes under pressure from new pricing plans. The company forecast H2 mobile capex in line with the USD 1.3 billion spent in the first six months of the year, while free cash flow in the second half of the year is expected to "improve substantially", keeping the company in compliance with its debt covenants. The operator expects to cut debt by at least USD 1 billion by the end of Q3.