Globalstar exercises conversion right for 5% convertibles due 2028

By Jennifer Chiou

New York, Nov. 8 - Globalstar, Inc. announced that it has exercised the automatic conversion right for its $25,204,249.17 of outstanding 5% convertible senior notes due 2028.

According to a news release, the notes will be automatically converted into Globalstar stock using the current conversion price of $0.50 and a make-whole premium of 103 additional shares per $1,000 of notes, resulting in the issue of roughly 54 million shares.

The conversion is effective as of Nov. 7.

Holders must surrender the securities to the trustee, U.S. Bank, NA.

Based in Covington, La., Globalstar is a provider of mobile voice and data communications services via satellite.

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