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Financially Speaking… Globalstar, Inc…

July 1, 2009

Globalstar homepage banner graphic Globalstar, Inc. (Nasdaq:GSAT) has completed a financing of approximately $738 million.

The total financing combines a previously announced $586 million credit facility and registered direct offering of convertible debt and warrants for $55 million plus a deposit by Thermo Funding, the majority shareholder of Globalstar, of $60 million into a contingent equity account, and funding of a debt service reserve account. The $738 million financing fully funds the manufacture, delivery and launch of the Company’s Globalstar 2.0 2G network and ground facilities, plus certain long-lead items connected with the accelerated delivery of additional second-generation spare satellites, and provides the Company with working capital needed for current and future operations.

With the funding now complete, Globalstar expects to be the first global mobile satellite voice and data company to deliver and deploy its 2G satellites and the first to offer an IP (Internet Protocol)-based network. The Globalstar 2.0 next-generation network includes the 2G satellite constellation, designed and manufactured by Thales Alenia Space, and the company’s new ground segment, developed by Hughes and Ericsson Federal. It is designed to provide Globalstar customers with high quality voice and data services beyond 2025 and increased data speeds of up to 256 kbps in a flexible all IP configuration. Products and services supported are expected to include push to talk and multicasting, advanced messaging capabilities such as multimedia messaging or MMS, mobile video applications, geo-location services, multi-band and multi-mode handsets and data devices with GPS integration. The financing will also facilitate the introduction of Globalstar’s nexgen satellite interface chipsets being designed by Hughes Network Systems.

Filed Under: Funding & Venture Capital

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