Investors rush to latest venture of wireless entrepreneur Craig McCaw – Clearwire

Clearwire, the Kirkland company led by wireless entrepreneur Craig McCaw, has raised $260 million through a debt offering, with the possibility the total could soar to $520 million or more.

The eye-popping offering — larger than many recent initial public offerings of stock — was detailed in documents filed with the Securities and Exchange Commission (SEC) that became available yesterday.

The size of the offering could increase to more than $520 million, because the 31 unnamed investors who bought the notes have the option to purchase "an equivalent amount" of notes to double their investment, the document said.

In addition, the investors can buy shares at a later date through warrants.

Clearwire provides wireless broadband Internet access in 16 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.

By Tricia Duryee

Seattle Times technology reporter

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