Clearwire Escrow prices $920M senior notes offer

AP News
Posted: Nov 25, 2009 7:55 AM

Wireless broadband service provider Clearwire Corp. said Clearwire Escrow Corp. has priced an offering of $920 million senior secured notes at 97.9 percent.

The 12 percent notes, due 2015, are in addition to an offering of $1.85 billion senior secured notes due 2015.

CEO Bill Morrow said in a statement late Tuesday that the two sets of notes, when combined with $1.56 of equity financing, provides more than enough capital to fully fund its business plan.

Earlier this month Clearwire investors such as Sprint Nextel Corp. and major cable companies said they would pour an additional $1.56 billion into the company so it could keep building out its nationwide wireless data network.

The notes sale is expected to be completed around Dec. 9.

Clearwire Escrow is a subsidiary of Clearwire Communications LLC.