Globalstar to Sell $350,000,000 of Convertible Preferred Stock in a Rule 144A Offering.
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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|Date:||Jan 7, 1999|
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