Leap Wireless Raises Stock Offering To 7 Million
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LEAP
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.- Loading Comments...
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