Jefferies to back LightSquared’s $1.5B second-lien exit facility
Stephen Selbst was quoted in International Financing Review about how investors may respond to the $1.5 billion second-lien exit financing facility secured by LightSquared, which the company revealed in the latest restructuring plan filed with the bankruptcy court. Stephen explained that equity investors' views of LightSquared's assets — its spectrum bands — may hint at an eventual sale of those assets or the entire company. In the event of a sale, the second-lien debt would be paid in full. "That's why there's so much comfort," Selbst said. "Here it's all about the valuation."