Globalstar issues $200M 13% Senior Notes due 2029 to repay existing debt

Globalstar, Inc.

$200M aggregate principal, 13% interest, non-convertible, due September 2029.
Proceeds to repay ~$148M outstanding under 2019 Facility, plus fees and general corporate purposes.
Notes issued at 95% of principal; interest 4% cash + 9% PIK (or cash at company's option).
Transaction expected to close March 31, 2023; Goldman Sachs acted as placement agent.
Värde Partners affiliate is lead purchaser; notes are senior unsecured obligations.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 1.0

Globalstar, Inc. entered into Purchase Agreement with an affiliate of Värde Partners and the other purchasers party thereto valued at $200.0 million (effective 2023-03-28).

Action: entry
Agreement: notes offering
Counterparty: an affiliate of Värde Partners and the other purchasers party thereto
Value: $200.0 million
Effective: 2023-03-28

Exact text from the filing

On March 28, 2023, Globalstar, Inc. (the “Company”) entered into a Purchase Agreement (the “Purchase Agreement”) among the Company, as issuer, the subsidiary guarantors party thereto (each, a “Subsidiary Guarantor” and collectively, the “Subsidiary Guarantors”), an affiliate of Värde Partners and the other purchasers party thereto (collectively, the “Purchasers”) providing for the sale of $200.0 million aggregate principal amount of the Company’s non-convertible 13% Senior Notes due 2029 (the “Notes”).

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Globalstar, Inc. filing history →

Source: SEC EDGAR

accession 0001366868-23-000042

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