Clearwire to take $80M March draw under Sprint transaction

theflyonthewall.com

Clearwire (CLWR) announced that it has elected to take the $80M March draw under the terms of its agreements with Sprint Nextel Corporation (S) that provide additional financing to Clearwire in the form of exchangeable notes, which will be exchangeable under certain conditions for Clearwire common stock at $1.50 per share, subject to adjustment under certain. Clearwire no longer has any right to take the first two monthly draws under the Sprint Financing Agreements. The Special Committee has not made any determination as to whether to take any future draws under the Sprint Financing Agreements and has not made any determination to change its recommendation of the current Sprint transaction.

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