trending Market Intelligence /marketintelligence/en/news-insights/trending/d0p-Yx6xTYdzTq3NhudwfQ2 content esgSubNav
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us
In This List

Globalstar offering $125M of voting common stock


Charter, DIRECTV and Comcast rank as the top 'RSN-friendly' MVPDs

TMT News & Research: 2020 Recap

Quibi's $2 billion bet on mobile video fizzles out

Cable nets struggle with cash flow declines due to cord cutting, pandemic

Globalstar offering $125M of voting common stock

Globalstar Inc. launched an offering of $125 million in shares of voting common stock.

The company also plans to grant the underwriters a 30-day option to buy up to about $18.8 million in additional shares of voting common stock.

The company said Oct. 4 that the offering will satisfy a requirement relating to the June 2017 credit agreement amendment. Globalstar intends to deposit 80% of the net proceeds from the offering in a restricted account for the benefit of the lenders under the facility agreement. The proceeds held in the restricted account are expected to be drawn to pay principal and interest due under the facility agreement in December 2017 and June 2018.

Globalstar expects to use the remaining proceeds for general corporate purposes.

Morgan Stanley is acting as the sole book-running manager for the offering, the expiration date of which was not disclosed.