Globalstar, Inc., said Friday that it has negotiated an amended and restated debt financing consisting of a $150 million delayed draw term loan and revolving credit facility plus a $150 million incremental term loan or "tack-on" facility.
If commitments for the incremental term loan are received and the term loans are fully drawn, this represents an additional $100 million in financing over the $200 million debt agreement announced earlier this year. Combined with the previously committed $200 million in equity capital being invested by affiliates of the Thermo Companies, this completes a financing round of up to $500 million.
"This revised financing represents a more attractive structure for Globalstar given our cash requirements over the next five years", said Jay Monroe, Chairman and CEO of Globalstar, Inc.
With over 200,000 activated satellite voice and data units, Globalstar offers high value, high quality satellite services to commercial and recreational users in more than 120 countries.
