Leap Wireless (LEAP) Offers to Tender $250M of Convertible Senior Notes

March 26, 2013 4:43 PM EDT
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Leap Wireless International Inc. (LEAP) has commenced a cash tender offer to purchase any and all of its $250 million in aggregate principal amount of outstanding 4.50% Convertible Senior Notes due 2014 (CUSIP 521863AL4) (the "Convertible Notes"). The tender offer is being made on the terms and subject to the conditions set forth in the Offer to Purchase and the related Letter of Transmittal, each dated March 26, 2013.

The tender offer will expire at midnight, New York City time, on April 22, 2013, unless extended or earlier terminated as described in the Offer to Purchase (such date and time, as the same may be extended, the "Expiration Time"). Tendered Convertible Notes may be withdrawn by holders at any time prior to the Expiration Time, and withdrawn Convertible Notes may be re-tendered by a holder at any time prior to the Expiration Time.

The tender offer is subject to the satisfaction or waiver of certain conditions, as described in the Offer to Purchase, including the condition that Cricket Communications, Inc. (a wholly owned subsidiary of Leap, "Cricket") shall have consummated the borrowing of term loans under its delayed-draw incremental term loan facility, as described in more detail in the Offer to Purchase.

Leap is offering to purchase the Convertible Notes at a price of $1,005 per $1,000 in principal amount of validly tendered (and not validly withdrawn) Convertible Notes accepted for purchase in the tender offer, plus accrued and unpaid interest.

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