Cricket Communications outlines structure on $1.1 billion facility

By Sara Rosenberg

New York, May 10 - Cricket Communications Inc.'s (Leap Wireless International Inc.) revealed that its refinancing transaction, scheduled to launch on Thursday, will call for a new $1.1 billion credit facility (B2/B), according to a 10-Q filed with the Securities and Exchange Commission Wednesday.

Bank of America and Goldman Sachs are the lead banks on the deal, with Bank of America the left lead.

The facility consists of a $900 million term loan B and a $200 million revolver.

Proceeds will be used to refinance the company's existing $600 million term loan B and $110 million revolver, as well as to help finance the company's participation in the FCC's upcoming Auction #66 and in the spectrum after-market.

The company is also planning a $600 million bridge facility and a $250 million forward common stock sale for Auction #66.

Cricket Communications is a wholly owned subsidiary of Leap, a San Diego-based provider of mobile wireless services.

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