Leap Announces Pricing of Public Offering of 7,000,000 Shares of Common Stock

SAN DIEGO--(BUSINESS WIRE)--Leap Wireless International, Inc. (NASDAQ:LEAP) today announced the pricing of its underwritten public offering of 7,000,000 shares of its common stock. The closing of the sale of the common stock, which is subject to customary conditions, is expected to occur on June 2, 2009.

Leap expects to use the net proceeds of the offering (which are estimated to be approximately $264 million, after estimated offering expenses) for general corporate purposes, which could include the expansion and improvement of its network footprint, acquisitions of additional spectrum or complementary businesses and, over the longer term, the deployment of next-generation network technology.

The offering is being made pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission. The offering of these securities may be made only by means of a prospectus supplement and the accompanying prospectus, copies of which may be obtained by contacting: Goldman, Sachs & Co., Attn: Prospectus Dept., 85 Broad Street, New York, New York 10004, fax: 212-902-9316 or email at prospectus-ny@ny.email.gs.com.

This press release is neither an offer to sell nor the solicitation of an offer to buy the securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which, or to any persons to whom, such an offer, solicitation or sale is unlawful.

Leap is a registered service mark of Leap Wireless International, Inc.