Clearwire Grabs $920M More Funds
The Kirkland, Wash.-based operator revealed late Tuesday that it has raised additional debt financing just weeks after acquiring $1.56 billion in equity funding. In total, the company has raised $2.8 billion dollars in recent weeks through equity and debt financing. (See Report: Clearwire to Get $1.5B Funding Bump, Clearwire's $1.5B Top-Up Confirmed , and Clearwire: 'Google Believes in Us'.)
Clearwire said Tuesday that its Clearwire Escrow Corporation subsidiary has priced an offering of $920 million of notes. The 12 percent senior secured notes are due 2015.
In addition, a bond offering that closed Tuesday raised $1.85 billion in debt financing, due 2015. Clearwire is using the proceeds from the bond offering to pay off existing debt of $1.4 billion.
If that isn't enough, Clearwire says that it still has the opportunity to secure additional funding of up to $295 million in the rights offering to public shareholders.
— Dan Jones, Site Editor, Unstrung