Globalstar amends revolver, lifting availability to $100 million

By Susanna Moon

Chicago, Dec. 24 - Globalstar, Inc. increased the available amount under its revolving credit facility to $100 million from $50 million through an amendment, according to an 8-K filing with the Securities and Exchange Commission.

The change, dated Dec. 18, is the first amendment to the second amended and restated credit agreement with Thermo Funding Co. LLC, as lender and administrative agent.

The amendment was approved by a special committee of Globalstar's board of directors consisting of the company's three independent directors and does not affect the $100 million term loan under the credit agreement, according to a press release.

Any revolving credit borrowing over $50 million requires approval of the administrative agent in its sole discretion. Proceeds will be used for capital expenditures and working capital.

Milpitas, Calif.-based Globalstar is a provider of satellite voice and data services.

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