LightSquared Announces Redemption of 14 Percent Senior Secured Discount Notes Due 2013

RESTON, Va., Oct. 19 /PRNewswire/ -- LightSquared™ today announced, in connection with the successful closing of its new $850 million secured credit facility on Oct. 1, 2010, that it has called for redemption all of its outstanding 14 percent Senior Secured Discount Notes due 2013 (the "Notes").  On Oct. 1, 2010, LightSquared issued a notice of redemption pursuant to the indenture governing the Notes stating that it will redeem all of such Notes on Oct. 31, 2010. 

For more information please contact Andres Scaminaci at UBS AG (telephone 203-719-1537) or Blake Yaralian at UBS AG (telephone 203-719-2339).

About LightSquared

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 to www.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.

SOURCE LightSquared

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