Sprint (S) shares jumped nearly 4% Friday after news the telecom giant is widening its LTE Plus network to include New York among 190 other cities.
The upgrade comes as the wireless giant looks to find new ways to shore up cash in order to pay down a roughly $34 billion high-yield debt stack, Real Money reported.
"With Sprint LTE Plus, New Yorkers and customers throughout the five boroughs will experience faster speeds than before while surfing the Web at Chelsea Piers, sending panoramic city views from the One World Trade Center observation deck, or live streaming video from a concert at the Barclays Center," the company said in a release.
"There's no better proving ground for our network than New York," said Sprint's chief operating officer, Günther Ottendorfer, adding that New York marks the primary "proving ground" to test Sprint's updated network, which it considers the fastest of the Big Four wireless carriers.
By market cap, Sprint is the smallest of the group, which includes Verizon (VZ), AT&T (T) and T-Mobile (TMUS).
"In the past few months, we made tremendous improvements across the entire metropolitan area, and we're committed to providing The City That Never Sleeps with an exceptional wireless experience," Ottendorfer said in a statement.
Sprint is a member of Real Money's "Stressed Out" watch list largely because of a persistent cash burn and high-interest debt. The $2.2 billion in cash that Sprint reported at the end of 2015 has dropped 40% year over year, while debt has increased by more than $1 billion over the period.
Sprint's equity has also lagged in the group, with shares down 29% over the past 12 months vs. 23% and 17% gains at T-Mobile and Verizon, respectively, and a 4% gain in AT&T shares.
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