Globalstar enters $1.5B Apple deal for new satellite network; doubles revenue outlook

Globalstar, Inc.

Apple to prepay up to $1.1B for infrastructure and buy 20% equity stake in Globalstar SPE for $400M.
Globalstar will use $232M ($219M principal + $13M make-whole) to retire all 2029 Senior Notes.
New Extended MSS Network includes satellite constellation, ground infrastructure, and global licensing; owned by Globalstar SPE.
After launch, annual revenue expected to more than double 2024 levels with improved EBITDA margin; investor day in Dec 2024.
Amendments to 2023 Funding Agreement: elimination of cash sweeps, relaxed covenants, one-year deferral of repayment start to Q3 2026.

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