Leap Announces Redemption of All Remaining 9.375% Senior Notes Due 2014

Leap Wireless International, Inc. LEAP announced that its operating subsidiary, Cricket Communications, Inc., completed the redemption of all of its remaining 9.375% Senior Notes due 2014 that had not previously been repurchased and cancelled pursuant to Cricket's previously announced cash tender offer and consent solicitation for the Notes. Cricket redeemed the Notes pursuant to their optional redemption provisions at a price of 104.688% of the principal amount of outstanding Notes, plus accrued and unpaid interest to, but not including, the redemption date. The total cash payment for the redemption was approximately $195 million. As previously announced, the tender offer and the redemption of the Notes were funded through Cricket's private offering of $1,200 million in aggregate principal amount of 7.75% Senior Notes due 2020 on November 19, 2010.