Globalstar to Complete $62.0 Million Shareholder Bridge Financing
Jay Monroe, Executive Chairman of Globalstar, commented “The Bridge Facility represents the first step of a two-part refinancing of the company. We continue to work towards and are confident in our ability to complete a broader refinancing in the near-term. We look forward to announcing the comprehensive details of a transaction as soon as possible. We believe the resulting pro forma capital structure represents a significant improvement from the existing structure and will provide an extended runway for the company going forward. We expect this refinancing to allow the company to deliver on the extensive potential before us with respect to both the core satellite business and terrestrial spectrum opportunities.”