Cricket Communications, the operating subsidiary of California-based Leap Wireless, has launched the syndication of a US$1.425bn incremental term loan.
The facility will be issued under its existing US$400m senior secured credit facility entered into…
Cricket Communications, the operating subsidiary of California-based Leap Wireless, has launched the syndication of a US$1.425bn incremental term loan.
The facility will be issued under its existing US$400m senior secured credit facility entered into last October.
Leap and Cricket expect to use the net proceeds from the incremental term loan facility to refinance Cricket’s US$1.1bn outstanding 7.75% senior secured notes due 2016, up to US$250m of Leap’s outstanding 4.5% convertible senior notes due 2014, and for general corporate purposes.
Leap said an amendment to the existing facility to providing for an incremental term loan facility is expected to be completed in March.
Cricket offers prepaid wireless services in the US.
