Globalstar partner prepays $252M for satellite costs, replaces external financing

Globalstar, Inc.

Partner will prepay $252M under amended Partnership Agreements for satellite procurement, launch, insurance costs.
Prepayment replaces requirement to raise third-party financing; remaining costs from operating cash flows.
Recouped over 16 quarters starting no later than Q3 2025; subject to interest coverage and leverage covenants.
Guaranteed by Thermo Funding II, LLC (affiliate of Executive Chairman) pending shareholder approval.
Conditions: convert/refinance 2019 Facility by March 13, 2023; grant Partner first-priority asset lien.

item 1.01 item 2.03

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Globalstar, Inc. amended Partnership Agreements with Partner valued at $252 million (effective 2023-02-27).

Action: amendment
Agreement: collaboration
Counterparty: Partner
Value: $252 million
Effective: 2023-02-27

Exact text from the filing

On February 27, 2023, Globalstar, Inc. (the “Company”) and its partner (the “Partner”) agreed to amend its previously disclosed Partnership Agreements to provide for, among other things, the Partner’s prepayment of $252 million to the Company (the “Prepayment”).

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Globalstar, Inc. filing history →

Source: SEC EDGAR

accession 0001366868-23-000017

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