Leap Announces Exchange Offer for 7.75% Senior Secured Notes due 2016

• Press Release
• Source: Leap Wireless International, Inc.
• On 4:00 pm EST, Monday November 9, 2009

SAN DIEGO--(BUSINESS WIRE)--Leap Wireless International, Inc. (NASDAQ:LEAP - News), a leading provider of innovative and value-driven wireless communications services, announced today that its operating subsidiary, Cricket Communications, Inc., has commenced an exchange offer for its outstanding unregistered 7.75% Senior Secured Notes due 2016. These notes were originally issued on June 5, 2009, in a private placement pursuant to Rule 144A and Regulation S under the Securities Act of 1933 in an aggregate principal amount of $1.1 billion. Holders of these notes may exchange them for an equal principal amount of a new issue of 7.75% Senior Secured Notes due 2016 pursuant to an effective registration statement on Form S-4 filed with the Securities and Exchange Commission. Terms of the new notes are substantially identical to those of the original notes, except that the transfer restrictions, registration rights, and additional interest provisions relating to the original notes do not apply to the new notes.

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Symbol	Price	Change
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The exchange offer will expire at 5:00 p.m. EST on Wednesday, December 9, 2009, unless extended. Tenders of the original notes must be made before the exchange offer expires and may be withdrawn at any time before the exchange offer expires.

Documents describing the terms of the exchange offer, including the prospectus and transmittal materials for making tenders, can be obtained from the exchange agent, Wilmington Trust FSB, c/o Wilmington Trust Company, Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890-1615, Attention: Sam Hamed, telephone (302) 636-6470.

This news release is for informational purposes only, and is not an offer to buy or the solicitation of an offer to sell any security. The exchange offer is being made only pursuant to the exchange offer documents, including the prospectus and letter of transmittal that are being distributed to the holders of the original notes and have been filed with the Securities and Exchange Commission.

About Leap

Leap provides innovative, high-value wireless services to a fast-growing, young and ethnically diverse customer base. With the value of unlimited wireless services as the foundation of its business, Leap pioneered its Cricket^® service. The Company and its joint ventures operate in 34 states and the District of Columbia and hold licenses in 35 of the top 50 U.S. markets. Through its affordable, flat-rate service plans, Cricket offers customers a choice of unlimited voice, text, high-speed data and mobile Web services. Headquartered in San Diego, Calif., Leap is traded on the NASDAQ Global Select Market under the ticker symbol “LEAP.” For more information, please visit www.leapwireless.com.

Leap
Greg Lund, Media Relations
858-882-9105
glund@leapwireless.com
or
Amy Wakeham, Investor Relations
858-882-6084
awakeham@leapwireless.com