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Clearwire repost: Clearwire To Sell $1.56 Billion Of Stock To Expand 4G Network

This will ensure marketing funds in Chicago

DOW JONES NEWSWIRES

Clearwire Corp. (CLWR) has in place an agreement to raise $1.56 billion of capital by selling new shares to several companies so it can continue the expansion of its high-speed 4G wireless network.

The company will sell shares at $7.33 apiece to Sprint Nextel Corp (S), Comcast Corp. (CMCSA), Time Warner Cable Inc. (TWC), Intel Corp. (INTC), Eagle River Holdings LLC and Bright House Networks LLC. All are current Clearwire investors.

Clearwire shares closed at $6.80 on Monday and lost 1.2% to $6.72 in premarket action Tuesday.

Sprint, which is Clearwire's majority shareholder and has bet heavily on the company to provide its 4G services that have been rolled out in select markets while rivals have gone with other technology, will buy the bulk of the new shares, contributing a total of $1.18 billion. The next-biggest investor is Comcast at $196 million.

Shares of Sprint Nextel dropped 4.4% to $3.28 premarket.

This capital infusion comes about 18 months after Sprint, Intel, Comcast and other partners first put $3.2 billion into Clearwire, which is building the nation's first 4G mobile broadband network.

Clearwire also announced plans to offer a minimum of $1.45 billion in new debt so it can pay off its existing $1.4 billion credit facility.

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