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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED
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To: Dealer who wrote (3578)9/25/2000 9:55:33 AM
From: Dealer  Read Replies (1) of 65232
 
GSTRF--Globalstar gets $56 mln in equity investments
NEW YORK, Sept 25 (Reuters) - Satellite telecommunications firm Globalstar Telecommunications Ltd. (NasdaqNM:GSTRF - news) said on Monday five of its founding partners will provide it with further equity financing.

Under the terms of their agreements, Loral Space & Communications Ltd. (NYSE:LOR - news), Vodafone Group Plc. (quote from Yahoo! UK & Ireland: VOD.L), Qualcomm Inc. (NasdaqNM:QCOM - news), Elsacom, and a France Telecom/Alcatel partnership will purchase 5.2 million shares of common stock of Globalstar for $56 million. Loral will purchase $12 million of this total.

A sixth partner, ChinaSat, has indicated an intent to purchase an additional $12 million of Globalstar shares upon receipt of government approval.

The share purchases are based on a price of $10.7125 per share. The transaction is expected to close by September 29. New York-based Globalstar said it will use the proceeds for general corporate purposes including capital expenditures, marketing and distribution of phones and services, and interest expense.

Shares of Globalstar rose 5/16 to $10 in early Monday morning Nasdaq trading. The stock's 52-week range is between $5-13/16 and $53-3/4.
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