600 Third Avenue
New York, NY 10016
Tel: (212) 697-1105
Fax: (212) 338-5662
| News For Immediate Release |
| Contact: Jeanette Clonan Tel: (212) 338-5658 |
Globalstar to Sell $250,000,000 of Senior Notes in a Rule 144A Offering
NEW YORK, May 11, 1998 -- Globalstar, L.P. announced today that it plans to sell $250 million of senior notes due 2005 in an offering exempt from registration.
Globalstar intends to apply the proceeds from the sale of the notes towards the continued development, construction and deployment of its worldwide, low- earth orbit satellite-based digital telecommunications system.
The notes will be offered only to qualified institutional buyers pursuant to Rule 144A and to certain persons in offshore transactions pursuant to Regulation S under the Securities Act of 1933. The notes have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release shall not constitute an offer to sell or the solicitation of any offer to buy the securities.
The common stock of Globalstar Telecommunications Limited, a Bermuda company, is listed on the NASDAQ National Market under the symbol "GSTRF."
