Thursday, July 5, 2007

Clearwire Grabs $1B in Loan Financing

Wireless broadband Internet service provider Clearwire Corp. reported Thursday that it has obtained $1 billion in term loan financing. Morgan Stanley, Merrill Lynch, JP Morgan and Citigroup led the funding, Clearwire said, adding that the balance of the secured debt facility will be funded on a delayed draw basis in some 45 days. Clearwire said the money will be used to refinance its existing debt and to expand its operations. Kirkland-based Clearwire is developing a wireless Internet service provider based on the emerging WiMax wireless standard, and is headed by Craig McCaw.