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Article: GLOBALSTAR: Globalstar to sell $350,000,000 of Convertible Preferred Stock in a rule 144A offering.
- Article from:
- M2 Presswire
- Article date:
- January 7, 1999
CopyrightCOPYRIGHT 1999 Normans Media Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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M2 PRESSWIRE-7 January 1999-GLOBALSTAR: Globalstar to sell $350,000,000 of Convertible Preferred Stock in a rule 144A offering (C)1994-99 M2 COMMUNICATIONS LTD
RDATE:070199
NEW YORK -- Globalstar Telecommunications Limited (GTL) announced today that it plans to sell $350 million of Convertible Preferred Stock in an offering exempt from registration. Loral Space & Communications, which owns 42% of Globalstar L.P., will purchase $150 million of the $350 million of Convertible Preferred Stock offered.
GTL will apply the proceeds to purchase Convertible Preferred Partnership Interests in Globalstar, L.P. Globalstar L.P., in turn, will apply the ...