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To: LindyBill who wrote (27125)	6/30/2000 2:24:22 PM
From: unclewest	Respond to of 54805

this should help qcom.... clip... Friday June 30, 1:45 pm Eastern Time Company Press Release Globalstar Refinances $250 Million Credit Facility NEW YORK--(BUSINESS WIRE)--June 30, 2000--Globalstar (NASDAQ:GSTRF - news) announced today that it has implemented an agreement that provides for replacement financing of its $250 million Chase credit facility. The agreement was entered into in 1996 by the guarantors of the facility who received warrants for Globalstar common stock in consideration of their guarantee. Under the terms of the agreement, the $250 million credit line has been replaced by pay-in-kind Globalstar notes due 2003. Pursuant to the 1996 agreement, the guarantors have repaid the bank lenders all amounts outstanding under the Chase facility. As a result of this transaction, Globalstar expects that it will end the year with a surplus of approximately $90 million in cash plus the revenues generated from operations. ``As we have previously noted, Globalstar has sufficient funds on hand to continue marketing its service,'' said Bernard L. Schwartz, chairman and chief executive officer of Globalstar. The guarantors under the facility are Lockheed Martin, Qualcomm, DASA and Loral Space & Communications. The guarantors received warrants for Globalstar common stock at the time the facility was put in place and subsequently exercised the warrants. Globalstar believes that the issuance of its three-year notes to the guarantors satisfies its obligations to them. One of the guarantors, Lockheed Martin, which paid $150 million under its guarantee, has expressed its disagreement with the form of satisfaction, and Globalstar and Lockheed are engaged in discussions with a view to resolving this matter. Globalstar, led by founding partner Loral Space & Communications, is a partnership of the world's leading telecommunications service providers and equipment manufacturers, including co-founder Qualcomm Incorporated, Alenia, China Telecom (HK), DACOM, DaimlerChrysler Aerospace, Elsacom (a Finmeccanica Company), Hyundai, TE.SA.M (a France Telecom/Alcatel company), Space Systems/Loral, and Vodafone AirTouch. For more information, visit Globalstar's web site at www.globalstar.com.