Leap Wireless International, Inc. (NASDAQ:LEAP) announced that its operating subsidiary, Cricket Communications, Inc., completed the redemption of all of its remaining 9.375% Senior Notes due 2014 (the “Notes”) that had not previously been repurchased and cancelled pursuant to Cricket’s previously announced cash tender offer and consent solicitation for the Notes. Cricket redeemed the Notes pursuant to their optional redemption provisions at a price of 104.688% of the principal amount of outstanding Notes, plus accrued and unpaid interest to, but not including, the redemption date. The total cash payment for the redemption was approximately $195 million. As previously announced, the tender offer and the redemption of the Notes were funded through Cricket’s private offering of $1,200 million in aggregate principal amount of 7.75% Senior Notes due 2020 on November 19, 2010.

The redemption and the previously announced tender offer will result in a “loss on extinguishment of debt” of approximately $54 million on a pre-tax basis, which translates into approximately $0.71 of loss per diluted share. This anticipated charge will be recognized in the Company’s results for the fourth quarter of 2010.

About Leap

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. The Company and its joint ventures operate in 35 states and hold licenses in 35 of the top 50 U.S. markets. 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 www.leapwireless.com.

Leap is a registered service mark of Leap Wireless International, Inc. Cricket is a registered trademark of Cricket Communications, Inc.

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