Shearman & Sterling advised Morgan Stanley as representative of the underwriters in Globalstar’s public offering of 73,365,231 shares of voting common stock. Cantor Fitzgerald & Co. and Chardan Capital Markets acted as lead managers in the offering. Globalstar provides mobile satellite services, including voice and data communications services globally via satellite.
The offering was made to satisfy a requirement relating to Globalstar’s June 2017 credit agreement amendment. As required by the credit agreement with its senior lenders (the “Facility Agreement”), Globalstar deposited 80% of the net proceeds from the offering in a restricted account to pay obligations under the Facility Agreement. The remaining net proceeds from the offering will be used for general corporate purposes.
The Shearman & Sterling team was led by partners Ilir Mujalovic and Richard Alsop (both New York–Capital Markets); and associates Ana Aur (Toronto–Capital Markets), Daniel Yao (New York–Capital Markets), Taylor Montgomery and Zana Operta (both New York–Corporate).
Other key members of the team included partners Lona Nallengara (New York–Capital Markets), Daniel Lewis (New York–Litigation ) and Ethan Harris (Washington, D.C.–Tax); Of Counsel Dan Newcomb (New York–Litigation); counsel Mehran Massih (London–Real Estate) and Gillian Moldowan (New York–Compensation, Governance & ERISA); and associates Rebecca Shieh (New York–Litigation), Marc Elzweig, Benjamin Petersen (both Menlo Park–Intellectual Property Transactions), Adam Sternberg (New York – Tax) and Dave Ullman(New York – Corporate).