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Clearwire expands note facility to USD2.78bn with additional offering of USD920m of senior notes
Nov 25, 2009 (M2 EQUITYBITES via COMTEX) --
Wireless Internet services provider Clearwire Corporation (NASDAQ:CLWR)
declared on Tuesday that Clearwire Escrow Corporation has priced a
supplemental offering of USD920m aggregate principal amount of 12%
senior secured notes due 2015 at issue price of 97.9%.
This offering follows the completion of an offering of USD1.85bn
aggregate principal amount of 12% senior secured notes due 2015,
expanding the note facility to USD2.78bn.
Clearwire Escrow Corporation is an unrestricted subsidiary of Clearwire
Communications LLC.
Gross proceeds of this new debt offering will be placed in an escrow
account until the closing of the second phase of the USD1.564bn in new
investment capital from Sprint Nextel Corporation, Comcast Corporation,
Time Warner Cable Inc, Intel Corporation, Eagle River Holdings LLC and
Bright House Networks LLC.
Clearwire received approximately USD1.057bn in cash from an equity
financing on 13 November and expects to receive an additional USD440m
in cash at a second closing, which is targeted to be completed by the
end of 2009. The remaining USD66m will be funded at a closing to be
completed during the first quarter of 2010.
The sale of the new notes will be completed on or about 9 December
2009, subject to customary closing conditions.
Clearwire said that, upon release of the escrow, it plans to use the
proceeds for general corporate purposes.
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