Clearwire Ups Offering to $350M

Clearwire LLC (Nasdaq: CLWR) has upped its public share offering by over US$50 million and is now hoping to net $350 million to help with its planned Long Term Evolution (LTE) deployment and to continue day-to-day operations. The operator said late Wednesday that it has priced 175 million Class A common shares at $2 a share for an offering of $350 million. This adds an additional $52.5 million of stock to cover over-allotments from the original $300 million stock offering announced Monday.

The offering is expected to close on Dec. 13, 2011.

Separately, Sprint Corp. (NYSE: S) will buy about 172 million shares of Clearwire's Class B shares in a private transaction. Last week, Sprint threw the company a lifeline by stumping up to $1.6 billion in financing for LTE and more.

Why this matters
Every penny counts for Clearwire as it prepares to deploy LTE. Citing a quiet period, the company hasn't yet revealed much about how many cities it plans to deploy the new technology in or whether it will need more funding for LTE over time.

For more
Read up on Clearwire's recent funding flurry:

— Dan Jones, Site Editor, Light Reading Mobile

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