Short Take: Nextel offers $1 billion in debt

Nextel Communications, a nationwide wireless service provider, has agreed to issue a $1 billion convertible debt offering. Nextel plans to use the proceeds for general corporate purposes, strategic investments and capital expenditures, although media reports suggest the company will bid on wireless spectrum licenses once owned by NextWave Telecom. Nextel issued the 5.25 percent convertible senior notes, due in January 2010, in a private placement.