Globalstar repays $7.5 million of $200 million Thermo Funding credit facility with stock

By Angela McDaniels

Tacoma, Wash., May 18 - Globalstar, Inc. said lender Thermo Funding Co. LLC agreed to take common stock in exchange for $7.5 million of debt owed to it under the company's credit facility.

Globalstar issued 10 million shares at $0.75 apiece to Thermo Funding on Friday, according to an 8-K filing with the Securities and Exchange Commission.

Thermo Funding is controlled by Jay Monroe, Globalstar's chairman and chief executive officer.

The credit facility includes a $100 million revolving credit facility and a $100 million term loan and matures Dec. 31, 2012.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.