Cricket talks $750 million eight-year notes at 9¼%-9½%, pricing Wednesday

By Paul A. Harris

St. Louis, Oct. 17 - Cricket Communications Inc. (Leap Wireless International Inc.) talked its $750 million offering of eight-year notes (Caa2/CCC) at 9¼% to 9½% on Tuesday, according to a market source.

The Rule 144A and Regulation S notes are expected to price late Wednesday.

Citigroup, Goldman Sachs, Morgan Stanley, Banc of America Securities LLC and Deutsche Bank Securities are joint bookrunners for the notes, which come with four years of call protection.

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

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

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