- LightSquared Announces Closing of $586 million of Debt led by UBS AG and JP Morgan
RESTON, Va., February 22, 2011– LightSquared™, the nation’s first wholesale-only integrated wireless broadband and satellite network, announces today it has closed on $586 million of debt, led by UBS AG and JP Morgan. LightSquared will use the proceeds of the financing for general corporate purposes, which include constructing its world-class, 4G-LTE-wholesale network. Over the last seven months, LightSquared has raised more than $2 billion in debt and equity.
“We’re excited about our prospects of bringing the next generation of mobile broadband to millions of Americans, fulfilling the promise of the National Broadband Plan using exclusively private money,” said Sanjiv Ahuja, chief executive officer of LightSquared. “Our investors share our belief that now is the time for a wholesale model to succeed, as we will bring desperately-needed 4G capacity to businesses, consumers, government and public safety users through a wide variety of retail partners which will sell services based on our integrated terrestrial and satellite network. We are deploying the most advanced network while offering service at a lower price, because as a pure wholesaler, we will not have retail overhead.”
LightSquared’s mission is to revolutionize the U.S. wireless industry. Through the creation of the first-ever wholesale-only nationwide 4G-LTE network complemented by satellite coverage, LightSquared offers people the speed, value, and reliability of universal broadband connectivity, wherever they are in the United States. Through its wholesale-only business model, those without their own wireless network or who have limited geographic coverage or spectrum can develop and sell their own devices, applications, and services using LightSquared’s open 4G network—at a competitive cost and without retail competition from LightSquared.
For further information about LightSquared, please go towww.LightSquared.com.
Forward Looking Statement:
This release contains forward-looking statements and information regarding LightSquared and its business. Such statements are based on the current expectations and certain assumptions of LightSquared’s management and are, therefore, subject to certain risks and uncertainties. The forward-looking statements expressed herein relate only to information as of the date of this release. LightSquared has no obligation to update these forward-looking statements to reflect events or circumstances after the date of this release, nor is there any assurance that the plans or strategies discussed in this release will not change.
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Audrey Fix Schaefer
Tel: +1 (240) 876-1588
Tel: +1 (212) 614-4558