Thursday, July 5, 2007

Clearwire Secures New $1 Billion in Financing

Last week, Clearwire closed and funded its first tranche of a fully committed $1 billion senior secured term loan, the remainder of which will be funded on a delayed draw basis in approximately 45 days. The money will be used for the company's expansion and to refinance Clearwire's existing debt .

The transaction was led by Morgan Stanley, Merrill Lynch, JP Morgan and Citigroup. By refinancing its existing debt, virtually all of Clearwire's debt is extended to a five year maturity.

  • Clearwire launched its first market in August 2004 and now offers service in 40 markets in more than 400 municipalities in 13 states across the U.S. Clearwire's international markets include Ireland and Belgium, and the company also offers wireless high-speed Internet services in Mexico and Denmark through its partners, MVS Net and Danske Telecom.