Clearwire to tap Sprint $80 million financing for April
March 28 (Reuters) - Wireless service provider Clearwire Corp said on Wednesday that it would draw on $80 million in financing from Sprint Nextel Corp, which is seeking to buy it.
Clearwire said it would still continue talks with rival bidder Dish Network Corp but it has not changed its recommendation in favor of the Sprint deal.
Sprint, already the majority owner of Clearwire, struck a deal in December to buy out the rest of the company for $2.97 per share. It also gave Clearwire the option to draw on $800 million in convertible debt in 10 monthly installments.