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Leap Wireless Raises Stock Offering To 7 Million

The Associated Press

SAN DIEGO (AP) — Prepaid wireless carrier Leap Wireless International Inc. raised the number of shares in a new stock offering to 7 million Thursday.

The announcement comes a day after Leap said it would offer 6.1 million shares.

It also said late Wednesday that subsidiary Cricket Communications Inc. will offer $1.1 billion in senior secured notes due in 2016, with the proceeds going toward paying down a secured credit line and general corporate purposes.

Leap has been investing heavily as it expands into Chicago and Philadelphia and upgrades equipment, which led to a growing first-quarter loss this year.

Leap shares dropped $2.81, or 6.8 percent, to $38.22 in morning trading.