Deals
Clearwire Draws $80 Million From Sprint Ahead of Merger Vote
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Clearwire Corp. said it will draw $80 million in financing from Sprint Nextel Corp. for a third straight month, leaning on its majority owner for funding as it awaits a shareholder vote on Sprint’s takeover proposal.
The financing, part of a prearranged agreement with Overland Park, Kansas-based Sprint, can be exchanged for Clearwire stock at $1.50 a share under certain conditions. Bellevue, Washington-based Clearwire, which has struggled to profit from its wireless Internet service, still has $400 million of financing available from Sprint, it said in a filing late on April 26.