Notice of Automatic Conversion of Globalstar 5.0% Convertible Senior Unsecured
COVINGTON, La., Nov. 8, 2013 (GLOBE NEWSWIRE) -- Globalstar, Inc. (OTCQB:GSAT)
announced today that it has exercised the automatic conversion right contained
in the terms of its 5.0% Convertible Senior Unsecured Notes, CUSIP number
378973 AC5 ("Securities"), which have an aggregate principal amount
outstanding of $25,204,249.17. The Securities will be automatically converted
into Globalstar Common Stock using the current Conversion Price of $0.50 and a
"Make-Whole Premium" of 103 additional shares of Common Stock per $1,000 of
Securities.This will result in the issuance of approximately 54 million
shares.The conversion is effective on the Automatic Conversion Date of
November 7, 2013.On or after the Automatic Conversion Date, interest on the
Securities shall cease to accrue.Holders must surrender the Securities to the
trustee for conversion.The trustee in this matter is U.S. Bank, National
Association, located at Corporate Trust Department CN-OH-W6CT, 425 Walnut
Street, Cincinnati, Ohio 45202. The shares of Common Stock are expected to be
available for delivery to the holders on November 11, 2013.
About Globalstar, Inc.
Globalstar is a leading provider of mobile satellite voice and data
services.Globalstar offers these services to commercial and recreational
users in more than 120 countries around the world. The Company's products
include mobile and fixed satellite telephones, simplex and duplex satellite
data modems and flexible 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 users. Globalstar data
solutions are ideal for various asset and personal tracking, data monitoring
and SCADA applications.Note that all SPOT products described in this or any
Globalstar press release 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. SPOT Connect is a trademark of Spot LLC.
For more information regarding Globalstar, please visit Globalstar.com.
CONTACT: L. Barbee Ponder
General Counsel & Vice President Regulatory Affairs
Phone: (985) 335-1503
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