Tuesday, 4 August 2015
Last updated 16 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.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…