Clearwire Corp. (CLWR) said on Tuesday that Clearwire Escrow Corp., an unrestricted subsidiary of Clearwire Communications LLC, has priced a supplemental offering of an additional $920 million aggregate principal amount of 12% senior secured notes due 2015 at an issue price of 97.9%. This offering is in addition to the completion of offering of $1.852 billion aggregate principal amount of 12% senior secured notes due 2015.
The gross proceeds of the new debt offering would be placed in an escrow account until the consummation of the closing of the second phase of the $1.564 billion in new investment capital from Sprint Nextel Corp. (S), Comcast Corp. (CMCSJ.PK), Time Warner Cable Inc. (TWC), Intel Corp. (INTC), Eagle River Holdings, LLC and Bright House Networks, LLC.
As previously announced, Clearwire received about $1.057 billion in cash from the equity financing on November 13 and expects to receive an additional $440 million in cash at a second closing, which is targeted to be completed by year end 2009, and the remaining $66 million will be funded at a closing, which is targeted to be completed during first quarter 2010.
The sale of the new notes is expected to be consummated on or about December 9, 2009. Upon release of the escrow, Clearwire plans to use the proceeds for general corporate purposes.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.