Sprint Corp., the Kansas based major global internet carrier has announced on Wednesday raising $2.2 billion through selling and leasing-back certain network assets. The fund will be used for repayment of matured debt while continuing its turnaround efforts.

The American telecommunication holding company has agreed selling network gear worth around $3 billion to a new entity, Network LeaseCo, backed by Sprint's parent company SoftBank Group Corp. Network LeaseCo will pay $2.2 billion for the equipment and immediately lease the gear back to the internet carrier. Sprint will repay the fund in less than two years and the deal is expected get closed next week, reports The Wall Street Journal.

SoftBank owns 83% stake in Sprint which has reported holding $6 billion liquidity during the end of 2015. The wireless service provider is scheduled either to repay or refinance this year and around $12 billion during the next five years. Analysts presume, more such deals may take place, according to a report published in Bloomberg.

Sprint's total liabilities have been estimated at $59.22 billion and cash or cash equivalent at $2.18 billion as of December 31. The internet carrier has set up two leasing vehicles for funding handset leasing and network investments in a bid to omit those cost from the balance sheet. Meanwhile, Sprint investors have expressed concern over burning cash at an alarming rate, reports Reuters.