Leap Wireless International Inc. (NASDAQ: LEAP) has a proposed $400 million offering of senior notes broken up int two groups of $200 million each this morning. Both tranches are unregistered as 144A placements.
One tranche is a total of $200 million of unsecured senior notes due 2015 with interest at a rate to be determined at pricing and will be guaranteed on a senior unsecured basis by Leap Wireless International, Inc. and certain of its indirect subsidiaries.
The other tranche is a total of $200 million in convertible senior notes due 2014 with interest rate, conversion rate, and other terms to be determined by negotiations among Leap and the initial purchasers of the notes.
Net proceeds are earmarked for working capital and other general corporate purposes, including the build-out of new markets, the expansion of Leap’s footprint in its existing markets and the development of its broadband initiative.
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As of yesterday’s close at $54.65, Leap has a market cap listed as $3.77 Billion before any implied dilution.
Jon C. Ogg
June 19, 2008
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