A majority of Leap lenders agreed to waive credit agreement defau...

Commission filing. “We are very close to getting agreement from all lenders involved,” a spokesman told us. Leap paid a 25 basis point fee to waiving lenders, agreeing to increase the interest rate 75 basis points. Lenders choosing not to waive “do not share in the fee,” the spokesman said. Leap has an $890 million senior secured term loan and a $200 million revolving credit facility. If Leap cannot get waivers from all lenders, loan amounts will not change, nor will there be any other effect to Leap’s cash or business, the spokesman said. Lenders approved a Leap- proposed amendment saying an “agreement leading to a change of control” doesn’t “constitute an event of default, unless and until the change of control occurs.” The phrase “change of control” means “ownership of the company,” not an executive’s resignation or other management change, the spokesman said. The amendment is “no doubt” part of Leap’s preparation for a merger with MetroPCS happening in the long term, Stanford Group analyst Michael Nelson told us. However, the Leap spokesman said “it would be a stretch to say we're giving greater consideration to potential mergers/acquisitions,” he said. “No more, no less consideration than before.”