Clearwire Raising $1.564B In Stock Offer At $7.33/Shr; Plans $1.45B Senior Note Offering

Clearwire (CLWR) this morning said it has signed a deal to raise $1.564 billion in new capital from Sprint Nextel (S), Comcast (CMCSA), Time Warner Cable (TWC), Intel (INTC), Eagler River Holdings (investor Craig McCaw’s investment vehicle) and Bright House Networks, who are buying new shares priced at $7.33 apiece. The Wall Street Journal first reported on the financing yesterday.

The stock closed yesterday at $6.80.

Here’s the way the new cash breaks down:

• Sprint, which already owns a majority stake, is investing another $1.176 billion.


• Comcast: $196 million.


• Time-Warner: $103 million.


• Intel: $50 million.


• Eagle River: $20 million.


• Bright House: $19 million.

The WiMax-based broadband wireless company said it will get $1.057 billion in cash within five business days, $440 million by year end 2009, and the remaining $66 million during Q1 2010.

The company also plans to offer at least $1.45 billion in new senior secured notes, to be used to pay off an existing $1.4 billion credit facility. Sprint and Comcast, which are investors in the existing credit facility, have agreed to receive replacement debt on the same terms as the new offering, effectively increasing the size of the offer by $240 million.

CLWR today is off 5 cents at $6.75.