LightSquared DIP loan increased to $113 million, maturity extended

By Kali Hays

New York, Dec. 1 – LightSquared, Inc. received approval to increase the amount of its debtor-in-possession financing to $113.07 million from $110.26 million, under a 17th DIP financing amendment order from the U.S. Bankruptcy Court for the Southern District of New York.

The amendment also includes a $2 million supplemental loan and a related 350 basis point commitment fee. The commitment fee could be waived if milestones related to plan confirmation and payment of loan claims are met by the company.

The DIP facility will be extended to the earlier of Dec. 15 and the final maturity date of the LightSquared LP debtors’ DIP facility.

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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