GLOBALSTAR: Globalstar to sell $350,000,000 of Convertible Preferred Stock in a rule 144A offering.

0 Comments | M2 Presswire, January, 1999

M2 PRESSWIRE-7 January 1999-GLOBALSTAR: Globalstar to sell $350,000,000 of Convertible Preferred Stock in a rule 144A offering (C)1994-99 M2 COMMUNICATIONS LTD RDATE:070199 NEW YORK -- Globalstar Telecommunications Limited (GTL) announced today that it plans to sell $350 million of Convertible Preferred Stock in an offering exempt from registration.

Loral Space & Communications, which owns 42 of Globalstar L.P., will purchase $150 million of the $350 million of Convertible Preferred Stock offered. GTL will apply the proceeds to purchase Convertible Preferred Partnership Interests in Globalstar, L.P. Globalstar L.P., in turn, will apply the proceeds from the sale of the Convertible Preferred Partnership Interests towards the continued construction and...