Clearwire CLWR
today announced that it has elected to take the $80 million April draw under
the terms of its agreements with Sprint Nextel Corporation ("Sprint") 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 conditions (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.
As previously disclosed on January 8, 2013, Clearwire received an unsolicited,
non-binding proposal from DISH Network Corporation ("DISH"), which was a
preliminary indication of interest and subject to numerous, material
uncertainties and conditions. Consistent with its fiduciary duties to
Clearwire's non-Sprint class A stockholders, the Special Committee of
Clearwire's board of directors has engaged in discussions with DISH concerning
its proposal and with Sprint over the course of the last three months, and the
Special Committee intends to continue such discussions. The Special Committee
will pursue the course of action that it believes is in the best interests of
Clearwire's non-Sprint Class A stockholders.
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