An infusion of $150m in debt financing has been afforded to satservices provider SkyTerra Communications Inc. by hedge fund Harbinger Capital Partners. SkyTerra owns Mobile Satellite Ventures. They were the recipients of the first license to build a hybrid terrestrial and satnet by the FCC. SkyTerra also has an 11 percent stake in satservices company TerreStar Networks, inc. Warrants to purchase 7.5 percent of SkyTerra’s stock at an exercise price of $10 per share, plus notes due in 2013, will be received by Harbinger in exchange for their financing. They already possess a 6 percent stake in SkyTerra and this investment will fund the company through the end of next year. Currently, SkyTerra has a $500 million contract with Boeing to build and launch two satellites. Harbinger is a subsidiary of Harbert Management Corporation—Birmingham, Alabama
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