Revised agreement provides increased access to funds and amends covenants from the existing credit facility

December 17, 2007

1 Min Read

MILPITAS, Calif. -- Globalstar, Inc.(Nasdaq:GSAT), a leading provider of mobile satellite voice and dataservices to businesses, government and individuals, today announced thatThermo Funding Company LLC (which is controlled by Jay Monroe, Globalstar'sChairman and CEO) has assumed all of the obligations of the administrativeagent and the lenders under Globalstar's credit agreement with WachoviaInvestment Holdings, LLC and the other lenders parties thereto. Inconnection with this assignment and assumption, Thermo Funding andGlobalstar have entered into an amended and restated credit agreement,pursuant to which Globalstar can borrow up to $150 million from ThermoFunding.

According to the amended agreement, Globalstar is permitted to incuradditional term loans on an equally and ratably secured, pari passu, basisin an aggregate amount of up to $250.0 million (instead of the previous$150.0 million) from the lenders under the credit agreement or from otherbanks, financial institutions or investment funds approved by Globalstar andThermo Funding. Globalstar has not yet sought or obtained such additionalfunding.

"The amended agreement, which was reviewed and approved by a committee ofthe independent members of our board of directors, revises certain financialcovenants in the credit agreement and ensures Globalstar will have completeaccess to the credit facility while providing the Company with the abilityto draw the funds as and when required," said Mr.Monroe. He added, "By agreeing to assume the lenders' commitments, ThermoFunding is also demonstrating our continued belief in Globalstar's future."

Globalstar Inc. (Nasdaq: GSAT)

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