Sprint seeks consents for Clearwire's 14¾% notes, 8.25% exchangeables

By Susanna Moon

Chicago, Oct. 9 - Sprint Corp. said that Clearwire Communications LLC and Clearwire Finance, Inc., its wholly owned subsidiaries, began consent solicitations to amend their 14¾% senior secured notes due 2016 and 8.25% exchangeable notes due 2040.

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., according to a company press release.

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.

If the needed majority of consents are received for a series of notes and the proposed amendments become effective, a consent payment will be made for that series.

The consent fee will be $2.50 per $1,000 principal amount.

The consent solicitations will end at 5 p.m. ET on Oct. 16.

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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