In an attempt to help fund its LTE network deployment plans, Leap Wireless International Inc. (LEAP) said its Cricket Communications Inc. subsidiary plans to offer $400 million in 7.75% senior notes dues in 2020 to qualified institutional buyers “subject to market and other conditions.”
Leap said the notes would be guaranteed by the company and some of its indirect subsidiaries.
Leap said funds from the offering would be used for working capital and general corporate purposes, including the “accelerated deployment of next-generation LTE network technology” and possibly “opportunistic acquisitions.”
Leap’s management recently noted that it remains on track to begin trialing LTE services this year with commercial roll out plans set for 2012. Many of its rivals, including MetroPCS Communications Inc., have already begun to roll out LTE services noting the spectral efficiencies gained by the technology that feed into their unlimited service offerings.
Leap earlier this month sold 130 towers to Global Tower Partners for an undisclosed sum that Leap’s management said was not a “gigantic” amount of money, but that it was “happy with the multiples.”
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