LightSquared gets $850 million four-year term loan led by UBS

By Sara Rosenberg

New York, Oct. 4 - LightSquared closed on an $850 million four-year term loan, according to a market source.

UBS acted as the lead bank on the deal that was completed on Oct. 1.

The term loan is non-callable for one year.

Pricing on the fully syndicated loan is not being disclosed, the source said.

Proceeds will be used for general corporate purposes, which include constructing its 4G-LTE-wholesale network.

LightSquared is a Reston, Va.-based wholesale-only integrated wireless broadband and satellite network.

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