Clearwire (NASDAQ:CLWR) said it sold another $79.3 million in exchangeable notes to investors who earlier had purchased $650 million in notes.
Clearwire will use the money, combined with the $675-million in secured debt raised last week, to fund its WiMAX buildouts. Earlier this month, Clearwire announced a debt offering of $1.33 billion. It needs to be aggressive to stay ahead of Verizon Wireless' (NYSE:VZ) LTE rollout schedule.
In addition, Clearwire's strategic investors, including majority owner Sprint Nextel (NYSE:S), can choose to purchase as much as $760 million in exchange notes to keep their shares of the company from becoming diluted. Sprint has until Jan. 2 to do so.
Sprint said it continues to discuss with Clearwire whether to provide further investment, but has said it currently has no plans to acquire Clearwire, a notion that had been talked about before Clearwire secured additional financing.
For more:
- see this Kansas City Business Journal article
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