Leap Announces Exchange Offer for $400M 7.75% Senior Notes Due 2020

Leap Wireless International, Inc.

, 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 $400 million in principal amount of unregistered 7.75% Senior Notes due 2020. These notes were originally issued on May 23, 2011, in a private placement pursuant to Rule 144A and Regulation S under the Securities Act of 1933. Holders of these notes may exchange them for an equal principal amount of a new issue of 7.75% Senior Notes due 2020 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.