By Ben Fox Rubin
Clearwire Corp. (CLWR) said it again tapped into financing made
available by Sprint Nextel Corp. (S) under their buyout deal,
agreeing to take an $80 million draw for the month of April.
In December, Sprint offered to buy the rest of Clearwire that it
doesn't own in a $2.2 billion deal, and provided the wireless
broadband operator up to $800 million in financing that it could
draw on in installments of $80 million over 10 months.
Clearwire, which is struggling financially, didn't tap the
funding in January or February, as it said it was still considering
a counteroffer from satellite TV company Dish Network Corp. (DISH).
Clearwire first tapped the funds in March.
Dish has threatened to withdraw its proposal if Clearwire took
the funds made available by Sprint, Clearwire has said, but
Clearwire again noted that it intends to continue its discussions
with Dish, as it has over the past three months.
Clearwire said it hasn't determined whether it will take any
additional financing from Sprint.
Dish is opposed to the Sprint financing because it is
convertible to stock at only $1.50 a share under certain
circumstances, giving Sprint the chance to increase its stake every
time Clearwire taps the funds.
A Dish representative wasn't immediately available for
comment.
Clearwire's shares closed Wednesday at $3.25, The stock is up
13% over the past three months.
Write to Ben Fox Rubin at ben.rubin@dowjones.com
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