Leap Announces Proposed Syndication of Term Loan Facility

SAN DIEGO, Sept. 24, 2012 /PRNewswire/ -- Leap Wireless International, Inc. (NASDAQ:LEAP) today announced that its wholly-owned subsidiary, Cricket Communications, Inc., launched the syndication of a $400 million principal amount term loan facility.  Cricket expects to use the net proceeds from the term loan facility to refinance its $300 million in aggregate principal amount of outstanding 10% Senior Notes due 2015 (the "2015 Notes") and for general corporate purposes.  The term loan facility is expected to close in October 2012, subject to market and other customary conditions. This press release is for information purposes only and is not an offer to purchase or a solicitation of an offer to purchase with respect to any of the 2015 Notes.

About Leap

Leap provides innovative, high-value wireless services to a young and ethnically diverse customer base. With the value of unlimited wireless services as the foundation of its business, Leap pioneered its Cricket service. Cricket products and services are available nationwide through company-owned stores, dealers, national retailers and at MyCricket.com.  Through its affordable, flat-rate service plans, Cricket offers customers a choice of unlimited voice, text, data and mobile Web services. Headquartered in San Diego, Calif., Leap is traded on the NASDAQ Global Select Market under the ticker symbol "LEAP." For more information, please visit www.leapwireless.com.  

Forward-Looking Statements

This press release contains "forward-looking statements," including statements regarding the proposed term loan facility, the potential timing of closing of the term loan facility, the potential uses of proceeds and the proposed refinancing of the 2015 Notes, and are generally identified with words such as "believe," "expect," "intend," "plan," "could," "will," "may" and similar expressions. Such statements reflect management's current expectations and judgment as of the date of this press release. Risks, uncertainties and assumptions that could affect our forward-looking statements include, among other things, the closing of the term loan facility and refinancing of the 2015 Notes, and other factors detailed in the section entitled "Risk Factors" included in our periodic reports filed with the SEC, including our Quarterly Report on Form 10-Q for the quarter ended June 30, 2012, filed with the SEC on August 8, 2012.

All forward-looking statements included in this news release should be considered in the context of these risks. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Investors and prospective investors are cautioned not to place undue reliance on our forward-looking statements.

SOURCE Leap Wireless International, Inc.

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