Globalstar gets $200 million credit facility

By Sara Rosenberg

New York, April 24 - Globalstar Inc. closed on a new $200 million credit facility, according to a company news release. Wachovia Securities acted as the lead bank on the deal.

The facility consists of a five-year term loan and a four-year revolving credit facility.

Proceeds from the credit facility, along with proceeds from $200 million in equity invested by affiliates of the Thermo Cos. and cash on hand, are being used to fund the design and deployment of the company's second-generation satellite constellation, upgrades to its ground segment and the launch of eight spare satellites for its current constellation in early 2007.

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

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