LightSquared gets first wholesale deals, more financing

News Wireless United States 4 OKT 2010
LightSquared gets first wholesale deals, more financing
LightSquared announced closing of USD 850 million in new debt financing, to help the company build its plannned wholesale mobile and satellite network in the US. This is the initial round of a syndicated secured credit facility arranged and led by UBS. The term of the credit facility will be four years, non-callable in the first year. With this additional USD 850 million, LightSquared has obtained an aggregate of more than USD 2 billion in equity and debt proceeds and in commitments. LightSquared also announced it has signed its first wholesale agreements and is in advanced negotiations with numerous potential customers. The company did not provide further details on the customers. Given the early indications of strong demand for capacity on its LTE wholesale network, LightSquared said it intends to accelerate the implementation of Phase 2 of its agreement with Inmarsat to the fourth quarter of this year. By doing so, LightSquared will obtain increased access to spectrum controlled by Inmarsat as well as start lease payments to the satellite operator.

Categories:

Mobile

Companies:

Inmarsat,  LightSquared

Countries:

United States

Tags:

Network Access, Wholesale, 4G - LTE, Financial funding, Contract & orders

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