Globalstar

Globalstar’s second-generation fleet comprises 24 low-Earth-orbit satellites launched between 2010 and 2013.

Thermo Capital is merging Globalstar with the landline company FiberLight in a $1,650,000,000 deal intended to help pay off Globalstar’s debts.

Globalstar is providing Dave Kagan a $450,000 annual salary and a restricted stock award grant of 2 million shares.

A Monroe-led effort to combine Globalstar with the landline company FiberLight, both owned by Monroe’s Thermo Capital, disintegrated on 2018-08-01 after a legal battle with Mudrick Capital Management.

Dave Kagan replaced Jay Monroe as Globalstar’s president and will lead Globalstar’s satellite services business as of 2018-09-04.

Dave Kagan oversaw a 50 percent increase in Globalstar’s adjusted EBITDA in 2017 and a 37 percent year-to-date increase in 2018.

Much of Globalstar’s $542,300,000 debt is owed to Thales Alenia Space for building Globalstar’s second-generation constellation of 24 spacecraft.

Globalstar and Carmanah signed a supplier agreement in August 2016 under which Carmanah designed and built Internet-of-Things devices for Globalstar.

Globalstar lost more than $220,000,000 total between 2016 and 2017 and lost $6,500,000 in 2018.

Globalstar will use its new proceeds to make $152,000,000 in payments towards the French loans and to pay off a separate $66,000,000 loan from June.

Globalstar will use the $199,000,000 loan to pay off a $66,000,000 loan arranged in June and to make pre-payments toward a separate $152,000,000 loan.

Globalstar borrowed $199,000,000 on 2019-11-26 in a financing led by EchoStar and Thermo.

Thermo agreed to convert a 2009 loan into stock, freeing Globalstar from $131,000,000 it still owed, of which $87,500,000 was interest payments, as disclosed in a 2019-11-12 SEC filing.

Globalstar operates the 24-satellite LEO constellation to provide low-data-rate communications services for tracking devices and Internet of Things sensors used in farming, mining, and other industries.

Globalstar completed a $1,100,000,000 constellation of 24 low Earth orbit satellites in 2013 using funds secured through French export credit agency BPI France.

U.S.-based satellite operator Globalstar received 3GPP approval in March 2020 to use some of its S-band spectrum for terrestrial wireless services.

Globalstar expects to complete a senior secured financing by 2022-08-16 to provide sufficient proceeds for the construction and launch of the new satellites.

The unnamed potential customer provided $111,400,000 in advance payments to Globalstar to be recognized into revenue as Globalstar performs under the contract.

Globalstar entered into the Terms Agreement in February 2020 with an unnamed potential customer under which that customer would pay for nonrecurring engineering services related to assessing a potential service using Globalstar assets and capacity.

Globalstar is acquiring the 17 new satellites to provide continuous satellite services to a potential customer under the Terms Agreement described in Globalstar’s Annual Reports, as well as services to Globalstar’s current and future customers.