Sprint Nextel cancels $3 billion convertible sale

NEW YORK (Reuters) - Sprint Nextel Corp (S.N: Quote, Profile, Research), the No. 3 mobile phone service, canceled its $3 billion perpetual convertible preferred stock sale, said International Financing Review on Thursday.

The offering had been expected to price on Thursday evening, said IFR, a Thomson Reuters publication.

The securities were expected to carry a coupon of 4.75 to 5.25 percent and have a 25 to 30 percent premium, IFR said on Wednesday.

Sprint representatives were not immediately available to comment.

(Reporting by Caryn Trokie; Editing by Dan Grebler)