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.