Feb. 25, 2013
/PRNewswire/ -- Leap Wireless International, Inc. (NASDAQ:LEAP) today announced that its wholly-owned subsidiary, Cricket Communications, Inc., launched the syndication of a
principal amount incremental term loan facility to be issued under its existing
senior secured credit facility entered into in October 2012. Leap and Cricket expect to use the net proceeds from the incremental term loan facility to refinance Cricket's
in aggregate principal amount of outstanding 7.75% Senior Secured Notes due 2016 (the "2016 Notes"), to refinance up to
in aggregate principal amount of Leap's outstanding 4.5% Convertible Senior Notes due 2014 (the "2014 Notes"), and for general corporate purposes. An amendment to the existing senior secured credit facility providing for such incremental term loan facility is expected to be completed in
, subject to market and other customary conditions. This press release is for information purposes only and is not an offer to purchase or a solicitation of an offer to purchase with respect to any of the 2014 Notes or the 2016 Notes.
Leap provides innovative, high-value wireless services to a young and ethnically diverse customer base. With the value of unlimited wireless services as the foundation of its business, Leap pioneered its Cricket service. Cricket products and services are available nationwide through company-owned stores, dealers, national retailers and at MyCricket.com. Through its affordable, flat-rate service plans, Cricket offers customers a choice of unlimited voice, text, data and mobile Web services. Headquartered in
San Diego, Calif.
, Leap is traded on the NASDAQ Global Select Market under the ticker symbol "LEAP." For more information, please visit
This press release contains "forward-looking statements," including statements regarding the proposed incremental term loan facility, the potential timing of closing of the incremental term loan facility, the potential uses of proceeds and the proposed refinancing of the 2014 Notes and 2016 Notes, and are generally identified with words such as "believe," "expect," "intend," "plan," "could," "will," "may" and similar expressions. Such statements reflect management's current expectations and judgment as of the date of this press release. Risks, uncertainties and assumptions that could affect our forward-looking statements include, among other things, market conditions, the closing of the incremental term loan facility and refinancing of the 2014 Notes and 2016 Notes, and other factors detailed in the section entitled "Risk Factors" included in our periodic reports filed with the SEC, including our Annual Report on Form 10-K for the year ended
December 31, 2012
, filed with the SEC on
February 25, 2013
All forward-looking statements included in this news release should be considered in the context of these risks. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Investors and prospective investors are cautioned not to place undue reliance on our forward-looking statements.