Clearwire Corp said on Tuesday that it would raise $1.564 billion from its current investors to help fund a high-speed wireless network it is building.
Sprint Nextel, Clearwire's 51 percent owner, will contribute $1.176 billion, while Comcast Corp will invest another $196 million and Time Warner Cable will contribute $103 million. Intel Corp's contribution is $50 million, Clearwire said.
The company said it would get about $1.057 billion in cash from equity financing within five business days and $440 million by year-end, with the remaining $66 million to be funded during the first quarter of 2010.
Clearwire also announced plans to launch an offer for a minimum of $1.45 billion in senior secured notes and to use net proceeds to pay off its existing $1.40 billion credit facility.
Clearwire shares rose 20 cents, or 2.9 percent, to $7.00 on Nasdaq after the news.
(Reporting by Sinead Carew; Editing by Lisa Von Ahn)