Leap Wireless (UNKNOWN:LEAP.DL) has launched an offer for its convertible notes maturing next year. The company is offering $1,005 in cash for each $1,000 in principal value of the notes, plus accrued and unpaid interest. The offer is subject to certain conditions, including one that specifies company unit Cricket Communications "shall have consummated the borrowing of term loans under its delayed-draw incremental term loan facility."

This offer expires at midnight, Eastern time, on April 22.

All told, the issue has an aggregate principal amount of $250 million. The notes carry an interest rate of 4.50%. Leap's tender offer covers the entire issue.

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