Leap Wireless plans a new US$400m principal amount term loan facility.
The syndication of the loan was launched by Leap’s operating subsidiary Cricket Communications, according to a company statement.
The majority of the proceeds of the facility will…
Leap Wireless plans a new US$400m principal amount term loan facility.
The syndication of the loan was launched by Leap’s operating subsidiary Cricket Communications, according to a company statement.
The majority of the proceeds of the facility will be used to refinance US$300m of outstanding 10% senior notes dues 2015, while the rest will be put towards general corporate purposes.
In its Q2 results Leap said it had no debt maturities until 2014 and revealed net debt of US$2.78bn, a slight increase on the Q1 figure of US$2.68bn.
Leap expects the term loan facility to close in October.
No other financing details were released.
Moody’s has rated the proposed facility at Ba2.
