Cricket Communications upsizes loan to Alaska Native to $150 million

By Sara Rosenberg

New York, Jan. 12 - Cricket Communications Inc. amended a credit facility that it is lending to Alaska Native Broadband, increasing the loan size to $150 million, according to an 8-K filed with the Securities and Exchange Commission.

The facility is comprised of a fully drawn $64.2 million sub-facility to finance Alaska Native's purchase of wireless licenses in the FCC's Auction No. 58 and an $85.8 million sub-facility to finance Alaska Native's initial build-out costs and working capital requirements.

Furthermore, under the amendment, amortization of the outstanding principal and capitalized interest begins on the later of March 31, 2007 and 30 days after the date Alaska Native satisfies the five-year build-out milestone requirements for its licenses.

The amendment was completed on Jan. 9.

Cricket Communications is the wholly owned operating subsidiary of Leap Wireless International Inc., a San Diego, Calif., mobile wireless services company.

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