Leap Wireless International Inc., the San Diego discount, flat rate wireless carrier which provides service under the Cricket brand, said it closed on a $400 million senior secured loan facility for its wholly owned subsidiary Cricket Communications.

The new loan was fully drawn at closing and matures in October 2019 under an interest rate of Libor plus 3.5 percent (subject to a Libor floor of 1.25 percent) or at the bank base rate floor plus 2.5 percent (subject to a base rate floor of 2.25 percent).

Leap said it’s using the proceeds from the new loan facility to redeem all of Cricket’s $300 million in outstanding senior notes with 10 percent interest due 2015, and for general corporate purposes.

The joint lead arrangers for the loan facility were Deutsche Bank Securities Inc., Merrill Lynch Pierce Fenner & Smith Inc. and UBS Securities LLC.