LightSquared, the US wholesale mobile operator, is reportedly set to announce a US$585 million loan deal this week, as the company looks to secure funding for the rollout of its hybrid satellite/LTE network. The news follows reports last week which stated that LightSquared has signed agreements with its first five customers – “two carriers, a national retailer, a device manufacturer and a website” – although this has yet to be confirmed by the parties involved. According to Bloomberg, the new funding will be provided by UBS and JPMorgan Chase, and will bring the venture’s cash-in-hand to around US$1 billion.

The news comes shortly after Clearwire, the WiMAX wholesale rival to LightSquared, said that it “continues to seek additional funding to continue its network development,” including an assessment of “funding and other strategic alternatives.”  This company has already started the sale process for “certain excess spectrum,” during which it “received offers to purchase varying amounts of spectrum from multiple parties, some of whom also expressed interest in exploring other strategic transactions with the company.” It is currently assessing these offers, and “expects to delay a conclusion until second quarter 2011.”