Globalstar US$199m second lien term loan
Prepay US$152m of scheduled senior facility payments and repay the US$66m June 2019 bridge facility
Key terms
- Borrower or issuer
- Globalstar
- Date
- 26 Nov 2019
- Type
- Bank facility
- Amount
- US$199m
- Pricing
- 13.5% PIK (blended)
- Maturity
- 2025-11
Recorded terms
- Structure
- Six-year second lien term loan maturing November 2025, with warrants for 7% of the company; senior facility with the French lender consortium amended at the same time
- Lenders and arrangers
- Led by Thermo (controlling shareholder) and EchoStar
- Country
- United States
Parties
- Globalstar borrower or issuer
Similar financings
| Date | Financing | Type | Amount |
|---|---|---|---|
| 22 Nov 2019 | Telesat Canada 2019 refinancing | Bank facility | US$2.51bn |
| 4 Nov 2019 | Iridium US$1,450m credit facility | Bank facility | US$1.45bn |
| 26 Jun 2019 | SES €1.2bn syndicated revolving credit facility | Bank facility | €1.2bn |
| 7 Oct 2020 | CesiumAstro debt raise of US$15m | Bank facility | US$15m |
| 9 Dec 2020 | ABL Space Systems debt raise of US$20m | Bank facility | US$20m |
More from Globalstar
| Date | Financing | Type | Amount |
|---|---|---|---|
| 29 Oct 2024 | Globalstar funding from Apple for the new MSS constellation | Customer prepayment | US$1.5bn |
| 28 Mar 2023 | Globalstar US$200m 13% senior notes due 2029 (Värde Partners) | Bond | US$200m |
M&A and investment involving Globalstar
| Date | Deal | Type | Value |
|---|---|---|---|
| 14 Apr 2026 | Amazon acquisition of Globalstar | M&A Announced | Not disclosed |
| 29 Oct 2024 | Apple investment in Globalstar | Strategic investment Announced | US$400m |
Sources
About this record
Record ORB-2019-0010, taken from an issuer, lender or government announcement. Confirmed against the primary documents listed. Amounts are as announced; US$ equivalents use approximate annual average exchange rates. Spotted an error or have a document we have missed? Send a correction, and changes are logged on Updates and corrections.
Read the structure
A revolving or term facility is a relationship loan from a bank group, priced at a margin over a reference rate, with financial covenants and an agent.
