COVINGTON, La., March 4, 2013 (GLOBE NEWSWIRE) -- Globalstar, Inc. (OTCBB:GSAT) today announced that pursuant to the terms of the First Supplemental Indenture dated as of April 15, 2008 (the "Indenture"), holders of Globalstar's 5.75% Convertible Senior Notes due 2028 (CUSIP Number: 378973 AA 9) (the "Securities") have the right to surrender their Securities for purchase by Globalstar (the "Put Option") on April 1, 2013 (the "Purchase Date"). The Put Option expires at 5:00 p.m. on March 29, 2013 (the "Expiration Date"). The purchase is being made on the terms and subject to the conditions set forth in the Put Right Purchase Offer (the "Purchase Offer") dated March 4, 2013.
The Put Option entitles each holder of the Securities to surrender to Globalstar for purchase all or any part (in increments of $1,000) of the holder's Securities at a purchase price payable in cash equal to 100% of the principal amount. A holder must surrender the Securities to U.S. Bank National Association (the "Paying Agent") in order to receive payment of the purchase price. All Securities surrendered for purchase must be delivered through Depository Trust Company's Automatic Tenders over the Participant Terminal System. Globalstar is required to pay on the Purchase Date for all Securities validly surrendered and delivered.
A Holder who wishes to tender Securities pursuant to the Put Right Purchase Offer and whose Securities are held by a broker, dealer, commercial bank, trust company or other nominee must contact such nominee if such Holder desires to surrender the Holder's Securities and instruct the nominee to surrender the Securities for purchase on the Holder's behalf through the transmittal procedures of DTC on or prior to 5:00 p.m., New York City time, on the Expiration Date.A Holder who is a DTC participant who wishes to tender Securities pursuant to the Put Right Purchase Offer must surrender to Globalstar such Holder's beneficial interest in the Securities by:
- delivering to the Paying Agent's account at DTC through DTC's book-entry system the Holder's beneficial interest in the Securities on or prior to 5:00 p.m., New York City time, on the Expiration Date; and
- electronically transmitting the Holder's acceptance through DTC's PTS, subject to the terms and procedures of that system on or prior to 5:00 p.m., New York City time, on the Expiration Date.