Sprint gets consents for Clearwire's 8.25% exchangeables, extends solicitation for 14¾% notes

By Susanna Moon

Chicago, Oct. 17 - Sprint Corp. said that Clearwire Communications LLC and Clearwire Finance, Inc., its wholly owned subsidiaries, obtained the needed consents to amend their 8.25% exchangeable notes due 2040.

The companies expect to enter into a supplemental indenture to amend the notes, according to a company press release.

The companies also extended the consent solicitation for their 14¾% senior secured notes due 2016 to 5 p.m. ET on Oct. 18.

As previously announced, the proposed amendments would permit the periodic reports filed with the Securities and Exchange Commission by Sprint, the indirect public parent of the issuers, rather than Clearwire Corp.

In the case of the 14¾% notes, the consents would provide that Sprint and its other subsidiaries not be considered affiliates of the issuers and their subsidiaries for purposes of the transactions with affiliates covenant under the note indenture.

The company previously said that it would pay a consent fee of $2.50 per $1,000 principal amount if the needed majority of consents were received for a series of notes and the proposed amendments become effective.

The consent solicitation for the 8.25% notes ended as scheduled at 5 p.m. ET on Oct. 16. The offers began on Oct. 9. Holders must be of record as of 5 p.m. ET on Oct. 8.

The solicitation agent is BofA Merrill Lynch (888 292-0070 or collect 980 388-3646). The information agent is D.F. King & Co, Inc. (800 431-9633, 212 269-5550 for banks and brokers or by email at sprint@dfking.com).

Sprint is an Overland Park, Kan.-based telecommunications company. Clearwire is a Bellevue, Wash.-based mobile broadband services provider.

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