Clearwire raises an additional $360.4 million

Clearwire, wireless entrepreneur Craig McCaw's newest venture, has raised $360.4 million in a debt offering, just the latest eye-popping figure the 2 1/2-year-old company has attracted.

The offering was detailed in documents filed with the Securities and Exchange Commission (SEC) that became available today.

The last time the Kirkland company received significant funds was in August, when it raised $260 million in debt. That offering was structured so that it could increase to more than $520 million. The unidentified investors who bought the notes had the option to purchase "an equivalent amount" to double their investment, according to documents.

Documents in both offerings said investors can buy shares at a later date through warrants.

If the company was able to double its money in August, it has likely raised more than $1.1 billion to date. But the total may be larger because some investments have not been made public.

Clearwire provides wireless broadband Internet access in 26 U.S. cities and dozens of other cities around the world. The technology is an early version of WiMax, which promises to deliver wireless high-speed Internet access as an alternative to DSL or cable in the home.

It can cover great distances and is similar to third-generation high-speed networks being launched by cellular providers today.

In today's document, the company did not disclose who the investors were or what the money would be used for. Clearwire has disclosed only two of its investors. Last year, it said it was partnering with Bell Canada to provide voice calls over its network.

As part of the deal, Bell Canada invested $100 million. In a financial filing, Bell Canada disclosed that its investment equaled a 12 percent interest in Clearwire. That would have made Clearwire worth $833 million at the time.

Before that deal, Clearwire said it received an unspecified amount from Intel.

WiMax is a capital-intensive business that requires acquiring spectrum, or airwaves, and building out networks. Clearwire is thought to have the second largest spectrum holdings in the 2.5 GHz band after Sprint Nextel.

The company, which has about 500 employees, constantly needs more resources because it also must support NextNet, its equipment subsidiary in Minneapolis.

McCaw, Clearwire's chief executive, founded McCaw Cellular Communications, which was sold to AT&T and later became AT&T Wireless. Today, that company is part of Cingular Wireless.

Clearwire is considered one of the most promising startups in WiMax, bolstered by McCaw's experience with spectrum, the heart of the cellphone industry.

After selling McCaw Cellular, McCaw went on to start other projects, including Teledesic, a well-funded but unsuccessful attempt to deploy Internet service through low-orbiting satellites.

Tricia Duryee: 206-464-3283 or tduryee@seattletimes.com