LightSquared DIP amendment pushes back maturity date through June 30

By Kali Hays

New York, June 6 – LightSquared Inc.’s debtor-in-possession lender MAST Capital Management, LLC and agent U.S. Bank NA have agreed to an amendment of the DIP financing terms allowing for an extension of the facility’s maturity date and use of cash collateral through June 30, according to a notice filed Friday with the U.S. Bankruptcy Court for the Southern District of New York.

Prior to the amendment, the facility was set to mature June 15.

As previously reported, the new $77.63 million loan total includes two previous additional loans, an additional loan commitment fee, a roll-up loan, the initial loan, an up-front fee, payment-in-kind interest and all amendment fees.

The amendment will be presented for court signature June 13.

LightSquared is a Reston, Va.-based wholesale-only 4G-LTE network integrated with satellite coverage. The company filed for bankruptcy on May 14, 2012 under Chapter 11 case number 12-12080.

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