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Leap Wireless (LEAP) engages in some debt refinancing by closing a $400M term loan facility that...
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Wednesday, October 10, 2012, 4:30 PM ETLeap Wireless (LEAP) engages in some debt refinancing by closing a $400M term loan facility that matures in Oct. 2019. Borrowings can be made either at an interest rate of LIBOR (floor of 1.25%) + 3.5%, or the base bank rate (floor of 2.25%) + 2.5%. The facility will be used to redeem $300M worth of 10% senior notes due 2015. As of June 30, Leap, which has a market cap of just $467M, had over $3.2B in debt on its balance sheet.
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