[Satellite TODAY 02-21-11] LightSquared, the Harbinger Capital Partners-backed LTE network company, is negotiating a $585 million loan with UBS AG and JPMorgan Chase to help it fund the building of its network, according to a Feb. 18 Bloomberg report confirmed by LightSquarred.
    The report said the loan would increase the company’s cash on hand to about $1 billion. LightSquared spokeswoman Audrey Schaefer confirmed the accuracy of the report to Satellite TODAY and said that an official announcement would soon follow.
    LightSquared is planning to build a nationwide LTE network that covers 92 percent of the U.S. population. The company is conducting LTE trials in Baltimore, Denver, Las Vegas and Phoenix, with commercial launches planned by the third quarter.