GSAT - Globalstar announces $200M non-convertible financing to satisfy remaining capital needs

2023-03-29 15:24:21 ET

• Globalstar ( NYSE: GSAT ) has entered into a purchase agreement with an affiliate of Värde Partners and others providing for the sale of $200M in aggregate principal amount of 13% Senior Notes due 2029.
• The notes are non-convertible and therefore do not result in equity dilution.
• The proceeds from the notes will be used primarily to repay all remaining amounts due under Globalstar’s 2019 facility agreement of ~$148M and also for fees and general corporate purposes.
• This transaction is expected to close on or around March 31, 2023.
• GSAT is +10.89% to $1.12.

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