Winstar gets $40 mln from Lucent, closes funding deals

Winstar Communications, Inc. (Nasdaq: WCII) said Thursday that it has closed a series of previously announced funding deals, following on the heels of yesterday's $40 million pact with Lucent.

Share in the broadband services company were trading down 0.13 to 13.94.

Winstar completed a number of transactions in their latest round of funding, announced earlier this month. The total value of these arrangements is $1.02 billion, which includes several new vendor financing agreements. The money is earmarked to fund the company's ongoing business plan, which includes the expansion of its broadband network, products and services.

The deals completed Thursday include a $270 million equity investment from the Compaq (NYSE: CPQ), Microsoft Corp. (Nasdaq: MSFT), CSFB Private Equity, and Welsh, Carson, Anderson & Stowe, VIII, L.P. As well, the company secured a $200 million credit increase.

Yesterday, Winstar and Lucent Technologies (NYSE: LU) inked a deal worth $40 million initially, to help build out Winstar's Asian fixed wireless broadband telecom network. Lucent will provide network design, integration and build-out services for Winstar's voice and data services. Lucent's shares were up 0.06 to 15.19.

Reuters contributed to this report.