July 28, 2016 1:13 AM ET

Diversified Telecommunication Services

Company Overview of LightSquared LP

Company Overview

LightSquared LP provides satellite mobile communications services. It operates geostationary satellites; and provides wireless voice, two-way radio, push-to-track, mobile data, and fax services to its clients in North America, northern South America, Central America, Caribbean, and Hawaii. The company serves public safety, homeland security, aviation, transportation, entertainment, broadcasting, natural resources, fleet management, asset tracking, maritime, emergency response, law enforcement, military, coast guard, trucking, rail, oil and gas, and utility markets. It offers its services through a network of dealers in the United States, and through service providers in Canada, the United St...

10802 Parkridge Boulevard

Reston, VA 20191

United States

Founded in 1996

Phone:

703-390-1579

Fax:

703-390-2770

Key Executives for LightSquared LP

Director of Marketing Communications
Compensation as of Fiscal Year 2016.

LightSquared LP Key Developments

Amended Eighth Replacement DIP Financing Approved for LightSquared Inc.

The US Bankruptcy Court gave an order to LightSquared Inc. to obtain amended eighth replacement DIP financing on a final basis on April 7, 2015. As per the order amended order, there shall certain changes in the percentage and amount of contribution by each DIP provider towards the total DIP provided.

Exit Financing Approved for LightSquared Inc.

The US Bankruptcy Court gave an order to LightSquared Inc. to obtain exit financing on March 27, 2015. As per the order, the debtor has been authorized to obtain a second lien exit term loan facility in the amount of $1.52 billion from Jefferies Finance LLC. As per the terms of the exit financing agreement, the loan carries a commitment fee of $174.23 million. The proceeds of exit facility would be used to pay off SPSO claims in full.

Final DIP Financing Approved for LightSquared Inc.

The US Bankruptcy Court gave an order to LightSquared Inc. to obtain DIP financing on a final basis on March 27, 2015. As per the order, the debtor has been authorized to obtain a priming super priority post-petition financing in the amount of $210.81 million. The loan will consist of $80.31 million of new money loans, $89.50 million provided by converting, on a dollar-for-dollar basis, the Fortress/Centerbridge Acquired DIP Inc. from Fortress Credit Opportunities Advisors LLC and Centerbridge Partners, L.P. and $41 million provided by converting, on a dollar-for-dollar basis, the JPM Acquired DIP Inc. from J.P. Morgan Securities, LLC and Chase Lincoln First Commercial Corporation. The DIP lenders also include Harbinger Capital Partners Master Fund I, Ltd. and Harbinger Capital Partners Special Situations Fund, L.P. The DIP loan would carry an interest rate of 17.5% p.a., along with an additional 2% p.a. interest in the event of default. The DIP facility would mature either on December 30, 2015 or date of closing of substantially all of the Inc. assets or Effective Date of the plan, whichever is earlier. The loan will carry a commitment fee equal to 3.5% of the Commitments, payable in kind and a 2% exit fee, payable in cash on the Maturity Date. Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims which is subject to a carve-out of $0.15 million towards fees and expenses incurred by trustee and of $1.50 million unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral.

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Recent Private Companies Transactions

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