Cricket Communications starts roadshow for $750 million eight-year notes

By Paul A. Harris

St. Louis, Oct. 10 - Cricket Communications, Inc., the operating subsidiary of Leap Wireless International, Inc., launched a $750 million offering of eight-year unsecured senior notes (Caa2/CCC) on Tuesday, according to informed sources.

Pricing is expected to take place during the middle part of next week.

Citigroup, Goldman Sachs & Co., Morgan Stanley, Banc of America Securities LLC and Deutsche Bank Securities are joint bookrunners for the Rule 144A and Regulation S offering.

The notes will come with four years of call protection.

Proceeds, together with cash received from the settlement of forward sale agreements, will be used to repay a bridge loan incurred to pay the Federal Communications Commission for the licenses relating to the FCC's Auction #66, and for general corporate purposes.

The prospective issuer is a San Diego-based wireless communications provider.

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