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Short Take: Globalstar secures $500 million in credit

Globalstar Telecommunications, a satellite phone and paging company, has arranged a $500 million credit facility underwritten by Bank of America. Funds from the credit facility, guaranteed by subsidiaries of Loral Space & Communications, will be used to continue building out Globalstar's satellite network. The transaction is expected to close in July. Globalstar, which will launch service in September, also has partnered with Ericsson to use its new dual-mode R290 phone, specifically designed to work with Globalstar's system and GSM-based cellular networks.

Globalstar Telecommunications, a satellite phone and paging company, has arranged a $500 million credit facility underwritten by Bank of America. Funds from the credit facility, guaranteed by subsidiaries of Loral Space & Communications, will be used to continue building out Globalstar's satellite network. The transaction is expected to close in July. Globalstar, which will launch service in September, also has partnered with Ericsson to use its new dual-mode R290 phone, specifically designed to work with Globalstar's system and GSM-based cellular networks.