Wednesday June 24, 6:58 pm Eastern Time
Company Press Release
Loral Prices Public Offering of Common Stock
NEW YORK--(BUSINESS WIRE)--June 24, 1998--Loral Space & Communications Ltd. announced today that it has priced the public offering of 20 million shares of its common stock at $27.00 per share. The net proceeds of the offering will be $524 million before exercise of an overallotment option of three million shares.
Loral intends to use the proceeds of the offering to invest in its existing core businesses, to pursue emerging satellite service opportunities worldwide and for possible acquisitions. The company also plans to use offering proceeds in connection with its previously announced offer to purchase 4.2 million outstanding partnership interests in Globalstar, L.P. held by Globalstar's founding service provider partners.
The offering is being managed by a group of underwriters led by Lehman Brothers Inc.; Bear, Stearns & Co. Inc.; Donaldson, Lufkin & Jenrette Securities Corporation; BancAmerica Robertson Stephens; C.E. Unterberg, Towbin; CIBC Oppenheimer and NationsBanc Montgomery Securities LLC.
A prospectus relating to the offering may be obtained from Lehman Brothers Inc., c/o Automatic Data Processing, Inc., Prospectus Plus, 536 Broadhollow Road, Melville, NY 11747, Tel.: (516) 254-7106 and Fax.: (516) 249-7942.
Loral Space & Communications (NYSE:LOR - news) is a high technology company that primarily concentrates on satellite manufacturing and satellite-based services, including broadcast transponder leasing and value-added services, domestic and international corporate data networks, global wireless telephony, broadband data transmission and formatting, Internet connectivity, digital audio radio services, and international direct-to- home satellite services.
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