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Press Release
WFW has advised Globalstar on US$586.3 million facility
17 June 2009
Watson, Farley & Williams ("WFW"), a leading international law firm, has advised Globalstar, Inc. in relation to a US$586.3 million facility provided by a syndicate of lenders, including BNP Paribas, Natixis, Société Générale, Caylon, Crédit Industriel et Commercial.
The facility benefits from export credit insurance by COFACE and will principally be used to finance payments to Thales Alenia Space for construction of the company’s second-generation satellites and Arianespace for launch services. The facility provides finance for the manufacture, delivery and launch of Globalstar’s second-generation network as well as the related ground facilities.
Globalstar is a leading provider of mobile satellite voice and data services with over 350,000 subscribers, in more than 120 countries around the world. 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. The company is currently listed on NASDAQ.
The WFW International Finance team was led by Lindsey Keeble, partner in the Paris office. She was assisted by partners Lucien Rapp and Laurence Martinez-Bellet in the Paris office and David Osborne in the London office. WFW worked closely with Taft Stettinius & Hollister LLP, US counsel to Globalstar. White & Case acted for the lenders.
Lindsey Keeble, partner in the International Finance Group comments: "This was a significant deal to be involved within the mobile satellite services industry. The WFW team was able to use its expertise in export credit transactions to assist the company in closing this deal in a difficult financial market".
Lucien Rapp, partner in the International Corporate Group comments: "Globalstar is a long-standing client and we have been advising them on the regulatory aspects of their activities in France for many years. This new fleet of satellites, manufactured by Thales Alenia Space and to be launched by Arianespace, highlights their accomplishment as a worldwide operator".
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For further information, please contact:
Hannah Truman, PR Executive
London Office
Tel: 020 7814 8088
E-mail: htruman@wfw.com
Editors Notes:
1. Watson, Farley & Williams is an international law firm with offices in London, New York, Paris, Hamburg, Munich, Rome, Milan, Athens, Piraeus, Singapore and Bangkok. The firm currently has 200 lawyers and over 350 staff.
2. Watson, Farley & Williams focuses on three key sectors where it is recognised for its specialist knowledge and expertise; Maritime, Energy and Finance & Investment. The firm advises on international finance, corporate and commercial matters, mergers and acquisitions, corporate finance, taxation, dispute resolution and real estate law. Our legal teams advise on English, German, French, Greek, Italian, Russian, New York, US federal and Thai law and we maintain active relationships with leading law firms in many countries.
David Osborne, London
Laurence Martinez-Bellet, Paris
Lindsey Keeble, Paris
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