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Full Article More Green Business news Clearwire plans to sell over $1.1 billion in debt Tweet This Share on LinkedIn Share on Facebook By Sinead Carew NEW YORK (Reuters) - Clearwire Corp (CLWR.O) plans to sell more than $1.1 billion in debt after months of negotiations to stave off a looming funding gap as it spends billions on building a new wireless network. But its shares fell... Related News UPDATE 3-Clearwire to sell over $1.1 bln in debt, stock off 2:40pm EST Motorola shares fall on Q1 mobile loss forecast 12:23pm EST Verizon to launch new high-speed service on Sunday Wed, Dec 1 2010 UPDATE 2-Verizon to launch new high-speed service on Sunday Wed, Dec 1 2010 RPT-Cox kicks off mobile service with money back offer Fri, Nov 19 2010 Related Topics Technology » Media » Stocks By Sinead Carew NEW YORK | Thu Dec 2, 2010 1:55pm EST NEW YORK (Reuters) - Clearwire Corp (CLWR.O) plans to sell more than $1.1 billion in debt after months of negotiations to stave off a looming funding gap as it spends billions on building a new wireless network. But its shares fell 6.6 percent after the news as some investors worried about the cost of the debt, while others were disappointed the wireless service provider, majority owned by Sprint Nextel Corp (S.N), had not been able to raise more. "It's only $1 billion, and in view of the other options this is likely one of the higher-cost of capital options," Mizuho Securities analyst Michael Nelson said. Sprint shares rose 5 percent as investors saw the offering as a sign that the No. 3 U.S. mobile provider would not need to raise its investment in Clearwire -- at least for now. The news was more mixed for Clearwire investors, some of whom were hoping for a lower-cost solution, like an equity investment. Clearwire had also considered raising funding from other sources including another investment from Sprint or from T-Mobile USA, a unit of Deutsche Telekom AG (DTEGn.DE), which would in turn rent network space at a favorable rate. It also looked at the option of selling wireless spectrum. The company did not say in its statement on Thursday if those other options were still in the cards. Wells Fargo analyst Jennifer Fritzsche said in a research note that she did not "believe this was the ideal path (Clearwire) wanted to go down." Some analysts also estimate that Clearwire still needs another $3 billion or so to build its network to compete with rivals such as Verizon Wireless, a venture of Verizon Communications (VZ.N) and Vodafone Group Plc (VOD.L). But others saw the move as good news for the company, which had set the year's end as a deadline for its financing plans. "A billion is nice. It gives them breathing room in the near term," said BTIG analyst Walter Piecyk. "It obviously increases their negotiating position because they're not as desperate for cash." Early last month, after failing to come up with a financing agreement despite months of negotiations, Clearwire had warned that there was doubts it could continue as a going concern, causing investors to view it as a much higher-risk option. Part of the debt offering -- $500 million exchangeable notes due 2040 -- is exchangeable for cash or common shares in the company. While the debt offer also appears to take immediate pressure off Sprint to make another investment in Clearwire, Piecyk said it may end up buying into the exchangeable debt. "It's possible it forces them to write a check in order to ensure their equity stake doesn't drop below 50 percent," the analyst said. Sprint declined to comment on the matter. 1 2 Next Technology Media We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. 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