Bank of America Underwrites a Financing for Globalstar, L.P.
Friday June 25, 5:01 pm Eastern Time
Company Press Release
SOURCE: Bank of America
NEW YORK, June 25 /PRNewswire/ -- Bank of America NT & SA has underwritten $500 million of senior secured credit
facilities for Globalstar, L.P. (Nasdaq: GSTRF - news), a New York-based provider of mobile satellite services.
Banc of America Securities LLC will act as Sole Lead Arranger and Sole Book Runner on the facilities, which will be used to
finance the build-out of the Globalstar Satellite System. Globalstar expects to commence the regional roll-out of its
satellite-based, telephony service beginning in September 1999. The facilities have a bank loan rating of Ba3.
Globalstar and Bank of America will hold a bank meeting in New York on July 6, 1999, to formally launch the syndication and
expect to close the facilities by July 31, 1999.
Globalstar, led by founding partner Loral Space & Communications Ltd., is a partnership of the world's leading
telecommunications service providers and equipment manufacturers, including Qualcomm Incorporated, AirTouch
Communications, Alcatel, Alenia, China Telecom (HK), DACOM, Daimler-Chrysler Aerospace, Elsacom (a Finmeccanica
Company) France Telecom, Hyundai, Space Systems/Loral and Vodafone.
The Globalstar system is designed to provide affordable satellite-based digital voice services to a broad range of subscribers
and users. Globalstar mobile and fixed-site telephones will meet the needs of cellular users who roam outside of cellular
territories, as well as residents of inadequately covered areas who need dependable, basic telephony service.
Banc of America Securities LLC (BAS), a subsidiary of Bank of America Corporation, is a full-service investment bank and
brokerage firm. With principal offices in San Francisco, New York City and Charlotte, BAS employs more than 4,000
associates in offices around the country, and with affiliates, offers capabilities worldwide.
Banc of America Securities provides equity underwriting, acquisition financing, private placements, senior loans and loan
syndication, municipal finance, high yield and investment grade debt issuance. BAS also offers capital markets capabilities, with
bulge bracket trading operations as well as institutional sales, research, prime brokerage, clearing and private client services.
Banc of America Securities serves as a primary dealer in U.S. government securities and as a dealer in state and municipal
obligations, federal agency obligations, commercial paper, money market instruments and mortgage and asset-backed
securities. BAS is a registered broker-dealer with the Securities and Exchange Commission and is a member of the National
Association of Securities Dealers and the New York Stock Exchange.
Bank of America, with $614 billion in total assets, is the largest bank in the United States, with full-service consumer and
commercial operations in 21 states and the District of Columbia. Bank of America provides financial products and services to
30 million households and two million businesses, as well as international corporate financial services for transactions in 190
countries. Bank of America stock (BAC) is listed on the New York, Pacific and London stock exchanges and certain shares
are listed on the Tokyo Stock Exchange.
SOURCE: Bank of America
More Quotes
and News:
Bank of America Corp (NYSE:BAC - news)
Globalstar Telecommunications Ltd (Nasdaq:GSTRF - news)
Related News Categories: banking, telecom
Help
Copyright © 1999 PRNewswire. All rights reserved. |
