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Leap proposes syndication of a USD1,425m incremental term loan facility
Feb 26, 2013 (M2 EQUITYBITES via COMTEX) --
Provider of wireless services Leap Wireless International Inc (Nasdaq:LEAP) announced on Monday that Cricket Communications Inc, its wholly-owned subsidiary, has launched the syndication of a USD1,425m principal amount incremental term loan facility to be issued under its existing USD400m senior secured credit facility entered into in October 2012.
Leap and Cricket are expected to use the net proceeds from the incremental term loan facility to refinance Cricket's USD1,100m in aggregate principal amount of outstanding 7.75% senior secured notes due 2016, to refinance up to USD250m in aggregate principal amount of Leap's outstanding 4.5% convertible senior notes due 2014 and also for general corporate purposes.
According to Leap, an amendment to the existing senior secured credit facility providing for such incremental term loan facility is expected to be completed in March 2013, subject to market and other customary conditions.
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