Connectivity

LightSquared Closes UBS, JP Morgan Financing Deal

By Photo of Jeffrey Hill

[Satellite TODAY 02-23-11] LightSquared closed its $586 million financing deal with UBS and JP Morgan to provide funds for general corporate purposes and support the construction of LightSquared’s 4G LTE-network, the operator announced Feb. 22.
    Since August, LightSquared has raised more than $2 billion in private sector debt and equity. The recent loan increases the company’s current cash on hand to about $1 billion.
    LightSquared is currently conducting LTE trials in Baltimore, Denver, Las Vegas and Phoenix, with commercial launches planned by the third quarter.

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