Key Developments: Leap Wireless International Inc (LEAP.O)
5.84USD
20 May 2013
$-0.03 (-0.51%)
$5.87
$5.63
$5.85
$5.61
1,501,922
1,437,815
$8.16
$4.28
Latest Key Developments (Source: Significant Developments)
Leap Wireless International Inc Closing Of $400 Million Secured Term Loan Facility
Leap Wireless International Inc announced the syndication and closing of the previously announced $400 million senior secured term loan facility for its wholly-owned subsidiary, Cricket Communications, Inc. (Cricket). Net proceeds from the term loan facility will be used to redeem all of Cricket's $300 million in aggregate principal amount of outstanding 10% Senior Notes due 2015 (the "2015 Notes") and for general corporate purposes. Leap also announced that Cricket today issued a notice of redemption to redeem all of its 2015 Notes in accordance with the indenture governing the 2015 Notes. The redemption price for the 2015 Notes is 105%, plus accrued interest. The redemption date specified in the notice of redemption for the 2015 Notes is November 9, 2012. Under the term loan facility, Leap and its restricted subsidiaries are subject to certain limitations, including limitations on their ability to: incur additional debt or sell assets, make certain investments, grant liens and pay dividends and make certain other restricted payments. In addition, Cricket will be required to pay down the facility under certain circumstances if Leap and its restricted subsidiaries issue debt, sell assets or property, receive certain extraordinary receipts or generate excess cash flow (as defined in the credit agreement). Full Article
AT&T Inc, Leap Wireless International, Inc. Talks Merger In Recent Months-Reuters
Reuters reported that AT&T Inc has held talks to buy Leap Wireless International, Inc. in recent months. These talks were serious enough for Leap Wireless to hire bankers to advise it on a potential deal. Leap Wireless has a market value of roughly $400 million and $3.2 billion of long-term debt. Full Article
Leap Wireless International, Inc. Announces Board Changes
Leap Wireless International, Inc. announced that Jerry Elliott is joining the Company and will be appointed as Executive Vice President and Chief Financial Officer, effective May 1, 2012. Full Article
Leap Wireless International, Inc. And T-Mobile Agree To Exchange Spectrum
Leap Wireless International, Inc. announced that it has entered into definitive license exchange agreements with T-Mobile USA (T-Mobile), Cook Inlet/VS GSM VII PCS LLC, a joint venture between T-Mobile and Cook Inlet in which T-Mobile has a non-controlling majority interest (Cook Inlet), and Leap's non-controlled, majority-owned venture Savary Island Wireless, LLC (Savary Island) to exchange wireless spectrum in various markets. Leap and Savary Island have agreed to assign T-Mobile and Cook Inlet spectrum in various markets in Alabama, Illinois, Missouri, Minnesota and Wisconsin. The transactions also include intra-market exchanges between Leap, T-Mobile and Cook Inlet, in Philadelphia, Wilmington, Atlantic City and various markets in Texas and New Mexico, and between Leap and Cook Inlet in certain markets in Texas. Financial details were not disclosed. Full Article
Leap Wireless International, Inc. Names Bill Ingram As Acting Chief Financial Officer-Internet Business News
Internet Business News reported that Leap Wireless International Inc has appointed Bill Ingram as executive vice president, strategy and as acting chief financial officer, effective March 1, 2012. Ingram will serve as acting CFO until the Company appoints a replacement. In his joint role, Ingram will assume an executive leadership position overseeing the management of the Company’s finance and accounting functions while also continuing to direct the Company’s strategic and business development activities. Full Article
Leap Wireless International, Inc. Announces Management Change
Leap Wireless International, Inc. announced that executive vice president and Chief Financial Officer Walter Z. Berger has informed the Company that he will be leaving for another employment opportunity in the technology sector shortly following the filing of Leap's annual report on Form 10-K, which is expected to occur by February 29, 2012. Full Article
Dish Network Corp Eyes T-Mobile If AT&T Inc. Bid Fails; To Consider Partnership With Leap Wireless International, Inc. And Others-Reuters
Reuters reported that Dish Network Corp is considering a partnership with T-Mobile USA, if AT&T Inc. is unable to fulfill its bid to take over the company. Dish is serious about its ambitions to get into the wireless space, but said the company first needs to be awarded a wireless license by the U.S. Federal Communications Commission. It would then have to wait for a final decision by the U.S. government on the merger between AT&T and T-Mobile USA before deciding its next move. Dish has spent nearly $3 billion on wireless spectrum and assets in the last year as it seeks to diversify its business beyond satellite pay-television. Dish would still need a wireless partner to take care of the voice services, which requires wireless infrastructure to be built. The Judge overseeing the antitrust case regarding the merger on Monday granted a request by both AT&T and the government for a postponement of the proceeding until January 18 while AT&T evaluates all its options, another blow to an already troubled deal. As well T-Mobile USA, Dish would be willing to consider working with any other wireless partner including Clearwire Corporation, Sprint Nextel Corporation, LightSquared, MetroPCS Communications, Inc. and Leap Wireless International, Inc. Full Article
Leap Wireless International, Inc. Announces Acquisition Of 12 MHz Of 700 MHz Block Spectrum In Chicago From Verizon Wireless
Leap Wireless International, Inc. announced that it has entered into definitive agreements to acquire 12 MHz of 700 MHz A block spectrum in Chicago from Verizon Wireless for $204 million and to sell Verizon Wireless excess PCS and AWS spectrum in various markets across the U.S for $188 million. Full Article
Leap Wireless International, Inc. Comments On Q4 2011 Guidance-Conference Call
Leap Wireless International, Inc. announced that it expect continued year-over-year expansion in adjusted OIBDA margins in the fourth quarter 2011, despite the seasonally higher acquisition costs that are typical of the fourth quarter. Full Article
Leap Wireless International, Inc.'s Subsidiary Announces Exchange Offer For $400 Million 7.75% Senior Notes Due 2020
Leap Wireless International, Inc. announced that its operating subsidiary, Cricket Communications, Inc., has commenced an exchange offer for its outstanding $400 million in principal amount of unregistered 7.75% Senior Notes due 2020. These notes were originally issued on May 23, 2011, in a private placement pursuant to Rule 144A and Regulation S under the Securities Act of 1933. Holders of these notes may exchange them for an equal principal amount of a new issue of 7.75% Senior Notes due 2020 pursuant to an effective registration statement on Form S-4 filed with the Securities and Exchange Commission. Terms of the new notes are substantially identical to those of the original notes, except that the transfer restrictions, registration rights, and additional interest provisions relating to the original notes do not apply to the new notes. Full Article
Leap Wireless revenue falls as it loses customers
NEW YORK - Wireless service provider Leap Wireless reported on Tuesday a wider quarterly loss as revenue declined as it had more than 93,000 net customer losses in the first quarter.
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