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Clearwire Shares Climb After Sprint Says It May Provide Fina
hurricanemaxi sub stu 05, 2011 10:06 am
Clearwire Corp. (CLWR), the unprofitable wholesale wireless carrier, rose after partner and main owner Sprint Nextel Corp. (S) said it may use proceeds from a note offering to help finance the company.
Clearwire gained 8 percent to $1.89 at the close in New York, after climbing as much as 29 percent. The shares have lost 63 percent this year on concern that the company will run out of money.
Money from Sprint would allow Kirkland, Washington-based Clearwire to fund its operations and help pay for a planned network upgrade. Clearwire said this week that it has capital for 12 months and that its future may depend on Sprint, with which it is in talks for a new wholesale agreement. Sprint had previously signaled that it wouldnt provide Clearwire with financial backing.
The fact that funding Clearwire is mentioned as a possible use of proceeds suggests the companies are moving in the right direction, Jonathan Chaplin, an analyst at Credit Suisse in New York, said in a note to investors. He rates both Sprint and Clearwire shares outperform.
The debt sale is also a positive for Sprint because it shows that the company has access to capital markets, Chaplin said. Sprint, which didnt disclose the size of the note offering, said last week it plans to refinance $4 billion of its debt and seek as much as $3 billion in financing from suppliers.
Sprint shares rose 2.1 percent to $2.87. The company also had its credit rating cut further into junk by Standard & Poors because of costs related to a planned network upgrade.
Network Deal
Sprint said proceeds from the sale of the seven- and 10- year notes will be used for general corporate purposes, which may include, among other things, redemptions or service requirements of outstanding debt, network expansion and modernization and potential funding of Clearwire, according to a company statement.
Leigh Horner, a Sprint spokeswoman, declined to comment beyond the statement. Mike DiGioia, a Clearwire spokesman, also declined to comment.
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Clearwire gained 8 percent to $1.89 at the close in New York, after climbing as much as 29 percent. The shares have lost 63 percent this year on concern that the company will run out of money.
Money from Sprint would allow Kirkland, Washington-based Clearwire to fund its operations and help pay for a planned network upgrade. Clearwire said this week that it has capital for 12 months and that its future may depend on Sprint, with which it is in talks for a new wholesale agreement. Sprint had previously signaled that it wouldnt provide Clearwire with financial backing.
The fact that funding Clearwire is mentioned as a possible use of proceeds suggests the companies are moving in the right direction, Jonathan Chaplin, an analyst at Credit Suisse in New York, said in a note to investors. He rates both Sprint and Clearwire shares outperform.
The debt sale is also a positive for Sprint because it shows that the company has access to capital markets, Chaplin said. Sprint, which didnt disclose the size of the note offering, said last week it plans to refinance $4 billion of its debt and seek as much as $3 billion in financing from suppliers.
Sprint shares rose 2.1 percent to $2.87. The company also had its credit rating cut further into junk by Standard & Poors because of costs related to a planned network upgrade.
Network Deal
Sprint said proceeds from the sale of the seven- and 10- year notes will be used for general corporate purposes, which may include, among other things, redemptions or service requirements of outstanding debt, network expansion and modernization and potential funding of Clearwire, according to a company statement.
Leigh Horner, a Sprint spokeswoman, declined to comment beyond the statement. Mike DiGioia, a Clearwire spokesman, also declined to comment.
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