Globalstar US$200m 13% senior notes due 2029 (Värde Partners)
Repay the remaining c.US$148m under the 2019 facility agreement, then fees and general corporate purposes
Key terms
- Borrower or issuer
- Globalstar
- Date
- 28 Mar 2023
- Type
- Bond
- Amount
- US$200m
- Pricing
- 13%
- Maturity
- 2029
Recorded terms
- Structure
- Non-convertible senior notes sold under a purchase agreement to an affiliate of Värde Partners and other investors; Goldman Sachs & Co. exclusive placement agent
- Lenders and arrangers
- Värde Partners (affiliate) and other note purchasers; Goldman Sachs & Co. LLC placement agent
- Country
- United States
Parties
- Globalstar borrower or issuer
- bookrunner/arranger: Goldman Sachs
- Private credit: Värde Partners
Similar financings
| Date | Financing | Type | Amount |
|---|---|---|---|
| 21 Sep 2023 | Viasat US$733m 7.500% senior notes due 2031 | Bond | US$733.4m |
| 14 Jun 2022 | SES €750m 3.5% notes due 2029 | Bond | €750m |
| 10 Jun 2022 | Maxar Technologies US$500m 7.75% senior notes due 2027 | Bond | US$500m |
| 27 Mar 2024 | Eutelsat €600m senior notes due 2029 | Bond | €600m |
| 6 Sep 2024 | SES €1bn hybrid dual-tranche bonds | Bond | €1bn |
More from Globalstar
| Date | Financing | Type | Amount |
|---|---|---|---|
| 29 Oct 2024 | Globalstar funding from Apple for the new MSS constellation | Customer prepayment | US$1.5bn |
| 26 Nov 2019 | Globalstar US$199m second lien term loan | Bank facility | US$199m |
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$400m |
Sources
- Globalstar press release filed with the SEC (Exhibit 99.1) sec.gov · 28 Mar 2023
- Globalstar Form 8-K: note purchase agreement sec.gov · 29 Mar 2023
About this record
Record ORB-2023-0005, taken from an issuer, lender or government announcement. Confirmed against the primary documents listed. Amounts are as announced; US$ 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
Senior notes are unsecured promises to pay, priced off government bonds; the prospectus sets the covenants, the change-of-control put and the redemption terms.
