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Clearwire raises an additional $920M in financing

26 ноября 2009

Clearwire Corp said a subsidiary has priced an offering of $920 million of notes, in a deal that would give it more financial support to expand its high-speed wireless network.


Clearwire said the 12 percent senior secured notes due 2015 were priced at 97.9 percent.

The deal was in addition to another offering of $1.85 billion of senior secured notes due 2015 to help it pay off an existing $1.4 billion credit facility.

In total, Clearwire has raised almost $2.8 billion though a combination of debt and equity in recent weeks.

The company has been looking for billions of dollars in new financing for its plan to expand its network based on WiMax, an emerging high-speed technology that promises to blanket entire cities with mobile Internet access.

On Nov. 10 existing investors in the company, which was founded by wireless pioneer Craig McCaw, said they would provide $1.56 billion in new funding.

These investors include Sprint Nextel, which has 51 percent ownership, and cable providers Comcast and Time Warner Cable as well as chip maker Intel. Google Inc also is an investor in Clearwire.

Clearwire said earlier this year that it needed $2 billion to $2.3 billion in new financing in order to go through with its plan to expand its WiMax network to cover a population of 120 million people by the end of 2010.

But some analysts estimate it will need much more financing to build out its network.

"With this latest tranche of additional funding, we have not only exceeded the amount of capital that we have previously stated we needed to fully fund our business plan, but we have also secured additional capital that will allow us to expand more aggressively by covering more people and with more capacity than we had previously planned," Chief Executive Bill Morrow said in a statement.

The sale of the new notes is expected to be consummated about December 9, subject to customary closing conditions, the company said.

The sole lead manager on the latest debt sale is JP Morgan.

Источник: Reuters

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