by Anders Bylund
If you've been wondering how Verizon Communications and AT&T plan to pay for their massive spectrum auction bids, the answer is twofold but very simple. AT&T is largely issuing new debt to balance out that $18 billion expense; Verizon prefers to sell off surplus assets to finance its $10 billion spectrum spree.
In fact, Verizon is lightening its asset portfolio more than the spectrum auction would require. In a couple separate deals, Big Red is raising more than $15 billion via asset sales. That choice was forced on Verizon by a smothering $108 billion long-term debt balance.
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