Banking, finance, and taxes
Sprint's Note Offering Rescues Clearwire (S, CLWR)
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Sprint Nextel Corporation (NYSE: S) is coming to the aid of Clearwire Corporation (NASDAQ: CLWR). Sprint has been known (or thought of) to be a capital raising entity and this morning we are getting word that it is raising an unspecified amount of capital. The wireless operator is planning to offer notes due 2021 and notes due 2018 in a private transaction.
Net proceeds from the offering will be used for general corporate purposes, which may include, among other things, redemptions or service requirements of outstanding debt, network expansion and modernization and potential funding of Clearwire Corporation, and its subsidiary, Clearwire Communications LLC.
The notes are to be exempt from the SEC registration requirements as these will be under rule 144A and Reg.S.
Sprint shares are up 1.25% but the real winner is Clearwire Corporation (NASDAQ: CLWR) with a gain north of 20% to $1.12 and it has traded more than a full day’s volume after less than an hour of trading.
JON C. OGG
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