latest news releases from the newsroom
Globalstar Announces Coface Backing for Proposed Financing
MILPITAS, Calif., March 25, 2009 (GLOBE NEWSWIRE) -- Globalstar, Inc. (Nasdaq:GSAT), a leading provider of mobile satellite voice and data services to businesses, government and individuals, today announced that Coface has agreed to provide a guaranty in support of a proposed $574 million credit facility to be extended by a syndicate of banks to Globalstar as borrower. Coface, the export credit agency acting on behalf of the French government, has advised Globalstar that it intends to provide long-term credit insurance to facilitate the proposed credit facility. Banks who have received initial credit committee approvals in relation to the approximately 6.30 percent interest rate credit facility include BNP Paribas, Natixis, and Societe Generale, which would act as mandated lead arrangers (BNP Paribas is acting as Coface Agent). The credit facility and receipt of funding by Globalstar is subject to closing conditions and there can be no assurance at this time that any such closing will actually occur.