LightSquared (Reston, Va.), a wholesale-only integrated 4G-LTE wireless broadband and satellite network, announced on Tuesday that it has raised $265 million in additional financing. The capital was drawn from both existing investors as well as new investors in the company.
According to LightSquared, the additional financing will be used for general corporate purposes, which includes constructing its 4G-LTE wholesale network. Over the last 12 months LightSquared has raised over $2.3 billion.
Philip Falcone’s Harbinger Capital has already put $3.1 billion into the company.
“This latest round of financing signals another endorsement by the financial markets of our business model, and LightSquared’s intent to use private capital to build out a new network to meet the growing demand across this entire nation for wireless broadband access,” said Sanjiv Ahuja, chairman and chief executive officer of LightSquared.
This announcement comes just days after LightSquared submitted its report detailing GPS interference problems to the U.S. Federal Communications Commission. The report, which was given to the FCC two weeks late due to an extension, is now being reviewed by the public for comments and suggestions.
In the report LightSquared claims to have found an alternative spectrum to operate on. Under its new proposal, LightSquared claimed only 200,000 GPS devices out of 300 million would risk interference with its network. But, until its new plan is cleared by the FCC, LigthSquared will not be allowed to build its network.