Milbank LLP advised Ligado Networks LLC in connection with two concurrent Rule 144A/Regulation S offerings by Ligado Networks, consisting of $2.85 billion in aggregate principal amount of 15.5% PIK senior secured first lien notes due 2023 and $1 billion aggregate principal amount of 17.5% PIK senior secured second lien notes due 2024.
The proceeds from the financing transactions were used to repay in full the amounts outstanding under the Senior Secured Loan Agreement and to provide working capital for general corporate purposes, including to continue development of a 5G ecosystem with the Company’s global technology partners, to explore spectrum partnership opportunities and to provide sufficient liquidity to operate the business as the Company continues to pursue its strategy.
Ligado Networks, formerly known as LightSquared, is a wireless communications company that focuses on bringing additional licensed spectrum to market for next-generation 5G services. Ligado has been a mobile satellite services network operator for over 20 years, providing critical communications to government, industrial and enterprise end users in North America.
The Milbank team included Financial Restructuring partners Dennis Dunne, Andrew LeBlanc and Matthew Brod and associate Brian Zucco; Global Capital Markets partners Rod Miller and Brett Nadritch and associates Matthew Kusel, Amanda Martin, Tim Kirby, Theo Hart, Meg Dennard and David Cochran; and Transportation & Space partner James Pascale and associate William Corso.
