Tuesday, 23 September 2014
Last updated 11 hours ago
Feb 23 2011 | 6:34am ET
Things are finally looking up for Harbinger Capital Partners' ambitious plan to build a nationwide wireless network.
LightSquared, the venture into which Harbinger chief Philip Falcone has poured some 40% of his hedge fund's assets, has already struck deals with five customers to offer wholesale 4G service and last month received a crucial waiver from federal regulators. Now, the company is in talks with a third carrier about a wholesale deal and is near a deal for a needed loan to build its network.
LightSquared is close to reaching a deal with UBS and JPMorgan Chase on a $585 million loan. The agreement would give the company about $1 billion in cash on hand to build the network, which must reach 100 million people in the U.S. by the end of next year under a Federal Communications Commission order.
LightSquared already has an $850 million credit facility with UBS.
The company is also preparing to bid for a pair of satellite companies.
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