Globalstar converts $149.4M debt into 7% Series A Perpetual Preferred Stock

Globalstar, Inc.

Exchanged $149.4M of principal and accrued interest under 2019 Facility for Series A Preferred at $1,000 liquidation preference per share.
Preferred pays 7.00% cumulative cash dividends quarterly, beginning January 1, 2023.
Ranks senior to common stock, pari passu with parity securities; redeemable at any time at $1,000/share plus unpaid dividends.
Issued under Section 4(a)(2) exemption to Thermo affiliates and other lenders; Certificate of Designation filed November 15, 2022.

item 1.01 item 3.02 item 3.03 item 5.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Globalstar, Inc. entered into Exchange Agreement with affiliates of Thermo Companies and certain other lenders valued at $149.4 million (effective 2022-11-15).

Action: entry
Agreement: equity purchase
Counterparty: affiliates of Thermo Companies and certain other lenders
Value: $149.4 million
Effective: 2022-11-15

Exact text from the filing

the Company entered into an Exchange Agreement dated as of November 15, 2022 (the “Exchange Agreement”) with affiliates of Thermo Companies (collectively, "Thermo") and certain other lenders (collectively, the “Exchanging Lenders”) providing for the exchange of all the outstanding principal amount of, and accrued and unpaid interest on, the Exchanging Lenders’ loans under the 2019 Facility Agreement for its 7.0% Perpetual Preferred Stock, Series A

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Globalstar, Inc. filing history →

Source: SEC EDGAR

accession 0001366868-22-000103

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