Clearwire is aggressively raising funding to complete its plan for the build-out of their mobile WiMAX network. In a new round of funding Clearwire raised $920 Million in debt financing. 12% of the funding is in secured notes due in 2015. The total capital raised in the past few weeks is $2.8 Billion in a combinatin of debt and equity financing. The amount exceeds their estimated $2.3 Billion to carry out their build out plan. The build-out plan has a goal to cover 120 Million Points of Presense (POPs) with WiMAX by the end of 2010.
"With this latest tranche of additional funding, we have not only exceeded the amount of capital that we have previously stated we needed to fully fund our business plan, but we have also secured additional capital that will allow us to expand more aggressively by covering more people, and with more capacity than we had previously planned," Clearwire CEO Bill Morrow.
Third quarter losses for the company totaled $82.42 Million, an increase from $72.7 Million Q3 last year. Clearwires revenue, however also increase 13% among the chaos to $68.8 Million for Q3. After the announcement for the additional raise in funding Clearwire had an increase in stock price of almost 6%. Thats enough to settle the stock neatly around $6 per share.