Clearwire Corp. on Wednesday announced raising its previously announced public offering of its Class A common stock.
In a $350 million equity offering, the high-speed wireless provider said it plans to offer 175,000,000 shares of stock to the public at $2.00 per share. Clearwire previously planned to raise $300 million.
Clearwire said it granted the underwriters a 30-day option to purchase up to an additional $52.5 million, or 26,250,000 shares of its Class A common stock.
Bellevue, Wash.-based Clearwire anticipates the offering will close on Dec. 13.
Clearwire’s majority investor and largest wholesale customer, Sprint Nextel Corp., also plans to buy about 172 million shares of Clearwire’s Class B common stock and a corresponding number of Class B common interests in Clearwire’s wholly owned subsidiary, Clearwire Communications LLC. Clearwire did not reveal the total value of that transaction, although the company revealed earlier this month that Sprint had agreed to participate in an “offering on a pro rata basis of up to $347 million” if Clearwire raised between $400 million and $700 million in new equity.
Clearwire, which operates high-speed wireless networks based on WiMAX technology, plans to use the proceeds “for general corporate and working capital purposes,” including to support 4G LTE infrastructure.
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December 11 2018 @ 21:55:04 UTC
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