Daily News: March 11, 2013

Deutsche Bank, Others Arrange Leap Wireless Term Loan


Leap Wireless International announced that its wholly owned subsidiary, Cricket Communications, entered into an amendment to its existing senior secured credit agreement to provide for a new delayed-draw incremental term loan facility of up to $1.425 million principal amount.

Deutsche Bank Securities, Merrill Lynch, Pierce, Fenner & Smith, UBS Securities and Citigroup Global Markets acted as the joint lead arrangers and joint bookrunners for the incremental term loan facility. Bank of America acted as syndication agent. Lazard Freres & Co. acted as a financial advisor to Leap in connection with the incremental term loan facility.

Net proceeds from the incremental term loan facility are required to be used to redeem, discharge and/or purchase all of the secured notes and up to $250 million in aggregate principal amount of Leap’s 4.5% convertible senior notes due 2014, including payment of any associated premiums, accrued interest, fees and expenses. Remaining net proceeds may be used for general corporate purposes.

Leap provides innovative, high-value wireless services to a young and ethnically diverse customer base.