---
schema_version: "secwatch.filing_event.v1"
accession: "0001366868-23-000017"
form_type: "8-K"
ticker: "GSAT"
cik: "0001366868"
company_name: "Globalstar, Inc."
filed_at: "2023-02-28T23:59:59+00:00"
generated_at: "2026-06-18T21:33:20.394729+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001366868-23-000017
- form_type: 8-K
- ticker: GSAT
- cik: 0001366868
- company_name: Globalstar, Inc.
- filed_at: 2023-02-28T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 2.03
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1366868/000136686823000017/0001366868-23-000017-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1366868/000136686823000017/gsat-20230227.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001366868-23-000017
- JSON: https://secwatch.observer/filing/0001366868-23-000017.json
- Plain text: https://secwatch.observer/filing/0001366868-23-000017.txt

## Key facts
- Material Agreements
  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
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1366868/000136686823000017/0001366868-23-000017-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.