Leap Wireless International announced that its wholly-owned subsidiary, Cricket Communications, launched the syndication of a $1,425 million principal amount incremental term loan facility to be issued under its existing $400 million senior secured credit facility entered into in October 2012. Leap and Cricket expect to use the net proceeds from the incremental term loan facility to refinance Cricket's $1,100 million in aggregate principal amount of outstanding 7.75% Senior Secured Notes due 2016 (the "2016 Notes"), to refinance up to $250 million in aggregate principal amount of Leap's outstanding 4.5% Convertible Senior Notes due 2014 (the "2014 Notes"), and for general corporate purposes. An amendment to the existing senior secured credit facility providing for such incremental term loan facility is expected to be completed in March 2013, subject to market and other customary conditions. This press release is for information purposes only and is not an offer to purchase or a solicitation of an offer to purchase with respect to any of the 2014 Notes or the 2016 Notes.

Leap provides innovative, high-value wireless services to a young and ethnically diverse customer base. With the value of unlimited wireless services as the foundation of its business, Leap pioneered its Cricket service. Cricket products and services are available nationwide through company-owned stores, dealers, national retailers and at MyCricket.com.