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Globalstar to Sell $350,000,000 of Convertible Preferred Stock in a Rule 144A Offering.

NEW YORK--(BUSINESS WIRE)--Jan. 7, 1999--Globalstar Telecommunications Limited (GTL) announced today that it plans to sell $350 million of Convertible Preferred Stock in an offering exempt from registration. Loral Space & Communications, which owns 42% of Globalstar L.P., will purchase $150 million of the $350 million of Convertible Preferred Stock offered.

GTL will apply the proceeds to purchase Convertible Preferred Partnership Interests in Globalstar, L.P. Globalstar L.P., in turn, will apply the proceeds from the sale of the Convertible Preferred Partnership Interests towards the continued construction and deployment of its worldwide, low-earth orbit satellite-based digital telecommunications system.

The Preferred Stock will be offered only to qualified institutional buyers pursuant to Rule 144A, and to certain persons in offshore transactions pursuant to Regulation S under the Securities Act of 1933. The Preferred Stock has not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities.
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Copyright 1999, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Geographic Code:1USA
Date:Jan 7, 1999
Words:185
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