LightSquared Announces Additional Financing

22 February 2011

LightSquared, 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 we will not have retail overhead.”