Clearwire gets $250 million term loan add-on

By Sara Rosenberg

New York, Nov. 2 - Clearwire Corp. increased its secured term loan by $250 million to $1.25 billion, according to a company news release.

Morgan Stanley and Wachovia acted as joint lead arrangers and joint bookrunners on the deal.

Terms of the add-on are identical to the term loans that closed in July and August.

Proceeds will be used to support the company's expansion plans, for spectrum acquisitions and for general corporate purposes.

"Following the close of our $1 billion term loan in August, we received inquiries from investors who were interested in securing larger positions in our bank debt. This tack on facility helps meet investor demand and provides capital to fund the development and launch of new markets and the acquisition of additional spectrum," said John Butler chief financial officer, in the release.

Clearwire is a Kirkland, Wash., provider of wireless high-speed internet service.

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