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Banking, finance, and taxes

Sprint’s Note Offering Rescues Clearwire (S, CLWR)

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By Jon C. Ogg Updated Published
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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

Photo of Jon C. Ogg
About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. a673b.bigscoots-temp.com.

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