Globalstar Announces Successful Completion of 5.75% Convertible Senior Unsecured Notes Exchange

Globalstar Announces Successful Completion of 5.75% Convertible Senior
Unsecured Notes Exchange

   Company also announces $85 million financing and financial backstop from

 Receives necessary approval from Lenders and French government to implement
 Exchange and agreement on principal terms to amend COFACE Facility Agreement
                                in near future

COVINGTON, La., May 20, 2013 (GLOBE NEWSWIRE) -- Globalstar, Inc.
(OTCBB:GSAT), a leading provider of mobile satellite voice and data services,
announced today it has successfully completed and reached agreements to
complete multi-part financings in connection with the successful exchange (the
"Exchange") of its 5.75% Convertible Senior Unsecured Notes ("5.75% Notes")
into new 8.00% Senior Unsecured Convertible Notes ("8.00% Notes"). In addition
to the Exchange, Globalstar also entered into an agreement with Thermo and its
French bank group providing $25 million of initial equity from Thermo to
complete the Exchange. The agreement also establishes the principal terms of
an amendment to the 2009 COFACE Facility Agreement that, among other
adjustments, upon closing would materially improve the debt amortization and
related financial covenant schedules and provides for an incremental $60
million of funding and funding backstop from Thermo, up to $20 million of
which could be injected even prior to the anticipated closing on the facility

Once implemented, these agreements eliminate financial uncertainties,
materially reduce debt amortization requirements through 2019 and provide the
capital required, which, when combined with anticipated internally generated
cash flow and the $30 million Terrapin equity line announced in December 2012,
are expected to facilitate a fully funded long-term business plan. Details of
the agreements and financings include:

  *The Exchange, with a 91% participation rate, provided for the exchange of
    $65.6 million of 5.75% Notes for $54.6 million of 8.00% Notes, plus cash
    and equity. The initial conversion price on the 8.00% Notes is $0.80,
    which price is subject to customary anti-dilution and other protections.
  *An agreement with senior lenders and approval of the French government
    under the 2009 COFACE Facility Agreement to approve the Exchange. This
    agreement also sets forth the principal terms of a facility amendment
    that, when completed, will defer and reduce near term repayment
    obligations and reset all financial covenants, among other terms.
  *The agreement also provided for Thermo's completion of an investment of
    $25 million of equity capital before the close of the Exchange, and sets
    the terms for an incremental backstop equal to $60 million of additional
    capital through 2014.Thermo invested $5 million of the $60 million, in
    addition to the $25 million required, in connection with the closing of
    today's transactions.The backstop will be reduced to the extent
    Globalstar raises capital from 3^rd party investors.

Jay Monroe, Chairman and CEO of Globalstar, Inc. stated, "We could not be more
thrilled to have completed the Exchange and to reach an agreement to amend the
COFACE Facility Agreement.Not only will the amendment materially improve our
debt amortization schedule, postponing an aggregate $235 million in principal
payments through 2019, but the parties have also provided for a significant
financing backstop by Thermo that will bolster the Company's long-term
liquidity resources including a cash cushion and a fully funded business plan,
according to our current projections. While the Exchange and the initial
financings are complete, we anticipate closing the amendment as soon as
possible. Most importantly, we have cleared the way for Globalstar to focus
purely upon operational execution.Solving the Company's liquidity related
issues enables management to devote all of our energies to the pursuit and
capture of significant growth and spectrum asset opportunities afforded by the
restoration of our Duplex service."

Mr. Monroe concluded, "All of the pieces of the puzzle are finally in place –
our second-generation constellation is fully launched, Duplex revenue growth
is starting to accelerate, customers are being rewarded for their loyalty as
service levels have significantly improved, and we are launching five new
products during 2013 that demonstrate our commitment to the commercial and
consumer MSS markets. Upon closing of the amendment, we will have the
financial flexibility necessary for the realization of our significant
strategic and operational opportunities.We extend our gratitude to the
exchanging convertible note holders, our dedicated senior French bank group
and the French authorities who have worked tirelessly on the accomplishment of
this colossal feat.This is an exciting time for Globalstar."

8.00% Notes

As part of the Exchange, approximately $13.5 million in the aggregate was paid
to the exchanging holders at close, and approximately $6.2 million was
deposited with the indenture trustee to purchase the remaining notes from the
non-exchanging holders.Holders of 91% of the $71.8 million outstanding
received 8.00% Notes due 2028, which includes 2.25% of payment-in-kind
interest, and 30.4 million shares of common stock.The 8.00% Notes are
expected to include future guarantees by the Company's subsidiaries that
guarantee the COFACE Facility Agreement.In addition, a holder of the 8.00%
Notes may elect to convert up to 15% of its notes on each of July 19, 2013 and
March 20, 2014.If a holder elects to convert on either of those dates, it
will receive, at the Company's option, either cash or shares of the Company's
common stock.If all holders elect to participate in these options, the
approximate remaining principal balance on the 8.00% Notes would be $38
million. The 8.00% Notes carry an initial conversion price of $0.80, subject
to customary anti-dilution and other protections.The 8.00% Notes have put
features on April 1, 2018 and April 1, 2023 and a final maturity of April 1,

COFACE Facility Agreement, Thermo Financing and Terrapin Commitments

Once completed, the amended COFACE Facility Agreement will reset all financial
covenants, will contain significant adjustments to the principal repayment
schedule and will mature in 2020.According to the new repayment schedule,
there will be no principal payments due until December 2014 and the first
principal repayment greater than $5.0 million occurs in June 2016.The
interest rate for the facility will increase by 50 basis points at closing of
the formal amendment and by 50 basis points per year from June 2017 until the
final maturity.Thermo has agreed to a $60.0 million financial backstop as
described above. In connection with today's closing Thermo has provided $5.0
million under the backstop. $30.0 million of Terrapin committed equity remains

The Company will file a Form 8-K today with the Securities and Exchange
Commission that contains further descriptions of these transactions.

This press release does not constitute an offer to purchase or a solicitation
of an offer to purchase any security and does not constitute an offer,
solicitation or sale in any jurisdiction in which such offering, solicitation
or sale would be unlawful.

Conference Call

The Company will conduct an investor conference call on Tuesday, May 21^st at
5:00pm EDT to discuss the Exchange and related transactions in addition to the
first quarter 2013 financial results.

Details are as follows:
Conference Call: 5:00pm EDT
                Dial: 1 (800) 447-0521 (US and Canada), 1 (847) 413-3238
                 (International) and participant pass code 34774236
                 A replay of the investor conference call will be available
Audio Replay:    for a limited time and can be heard after 7:30 p.m. EDT on
                 May 21, 2013. Dial: 1 (888) 843-7419 (US and Canada), 1 (630)
                 652-3042 (International) and pass code 34774236#

About Globalstar, Inc.

Globalstar is a leading provider of mobile satellite voice and data services.
Globalstar offers these services to commercial customers and recreational
consumers in more than 120 countries around the world. The Company's products
include mobile and fixed satellite telephones, simplex and duplex satellite
data modems, the SPOT family of mobile satellite consumer products including
the SPOT Satellite GPS Messenger and flexible airtime service packages. Many
land based and maritime industries benefit from Globalstar with increased
productivity from remote areas beyond cellular and landline service. Global
customer segments include: oil and gas, government, mining, forestry,
commercial fishing, utilities, military, transportation, heavy construction,
emergency preparedness, and business continuity as well as individual
recreational consumers. Globalstar data solutions are ideal for various asset
and personal tracking, data monitoring and SCADA applications. All SPOT
products described in Globalstar or SPOT LLC press releases are the products
of Spot LLC, which is not affiliated in any manner with Spot Image of
Toulouse, France or Spot Image Corporation of Chantilly, Virginia.

For more information regarding Globalstar, please visit Globalstar's web site

Safe Harbor Language for Globalstar Releases

This press release contains certain statements that are "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. These forward-looking statements are based on current expectations
and assumptions that are subject to risks and uncertainties which may cause
actual results to differ materially from the forward-looking statements.
Forward-looking statements, such as the statements regarding the Company's
ability to complete the amendment of the COFACE Facility, complete its launch
program and restore the quality of its Duplex service and other statements
contained in this release regarding matters that are not historical facts,
involve predictions.

Any forward-looking statements made in this press release speak as of the date
made and are not guarantees of future performance. Actual results or
developments may differ materially from the expectations expressed or implied
in the forward-looking statements, and Globalstar undertakes no obligation to
update any such statements. Additional information on factors that could
influence the Company's financial results is included in its filings with the
Securities and Exchange Commission, including its Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

CONTACT: For further investor information:
         Jody Burfening/Carolyn Capaccio

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