Wireless broadband communications company LightSquared Inc. is splitting its proposed $3 billion senior secured exit term loan into a $2 billion first-lien loan and $1 billion second-lien tranche, Reuters reported on Wednesday. The loan originally consisted of a single tranche. The now $2 billion first-lien portion will offer coupons payable in cash and in kind. Proceeds are to fund the company's emergence from bankruptcy. Lender commitments are due on July 9.
