LightSquared Raises $586 Million for its LTE+Satellite Rollout

LightSquared,
which is building a wholesale-only integrated wireless broadband and satellite network across the U.S., closed on $586 million of debt, led by UBS AG and JP Morgan. The company said the funding will be used for general corporate purposes, which include constructing its LTE-wholesale network. Over the last seven months, LightSquared has raised more than $2 billion in debt and equity.

“We’re excited about our prospects of bringing the next generation of mobile broadband to millions of Americans, fulfilling the promise of the National Broadband Plan using exclusively private money,” said Sanjiv Ahuja, chief executive officer of LightSquared. “Our investors share our belief that now is the time for a wholesale model to succeed, as we will bring desperately-needed 4G capacity to businesses, consumers, government and public safety users through a wide variety of retail partners which will sell services based on our integrated terrestrial and satellite network. “http://www.LightSquared.com

• Earlier this month, LightSquared crossed another milestone in its bid to launch a nationwide, wholesale-only, integrated wireless broadband and satellite network. The company has completed post launch testing and acceptance of the SkyTerra 1 satellite and Space-Based Network (SBN) from Boeing Space and Intelligence Systems.