Clearwire Corporation (NASDAQ:CLWR) announced its decision to take the $80 million financing from Sprint Nextel Corporation (NYSE:S) under the terms of their agreement. Sprint Nextel has a standing offer to acquire the remaining interest in Clearwire it does not already own for $2.97 per share.

Sprint Clearwire

According to the Clearwire Corporation (NASDAQ:CLWR) the funds will come in the form of exchangeable notes ($1.50 per share of Clearwire’s common stock). The company said it would no longer be able to take the first two monthly draws ($160 million) under the Sprint Nextel financing agreement. Under the agreement, Sprint Nextel offered $800 million in convertible notes to Clearwire, which is available in 10 installments for $80 million per month.

Clearwire Corporation (NASDAQ:CLWR) said its has not made any decision if the company would take additional financing from Sprint Nextel in the future. Its decision to draw some of the financing offered by Sprint Nextel could hinder DISH Network Corp. (NASDAQ:DISH)’s bid to purchase the company for $3.30 a share.

Last January, analysts at Bank of America Merrill Lynch described Dish Network’s counter proposal to buy out the shares of Clearwire Corporation as a guerilla tactic citing that it has plans to partner with T-Mobile or to negotiate with Sprint to enter a network sharing agreement.

In a press statement, Clearwire Corporation (NASDAQ:CLWR) indicated its intention to continue its discussion with Dish Network to fulfill fiduciary responsibility to shareholders.

“Clearwire’s board of directors has engaged in discussions with DISH Network Corp. (NASDAQ:DISH) concerning its proposal and with Sprint over the course of the last two months, and the Special Committee intends to continue such discussions.  The Special Committee will pursue the course of action that it believes is in the best interests of Clearwire’s non-Sprint Class A stockholders,” the company said.

In addition, Clearwire Corporation said its financing agreement with Sprint Nextel Corporation (NYSE:S) has been amended and the condition of Sprint’s obligation to provide financing for the last three months (August, September & October 2013) to accelerate the development of Clearwire’s wireless broadband network has been removed.

According to Clearwire Corporation (NASDAQ:CLWR), the changes in the financing agreement will allow the company to take the last three draws and whether or not to accelerate the build-out of its wireless broadband network.

The company said it does not expect to enter into an accelerated build-out agreement with Sprint Nextel Corporation (NYSE:S) at this time.