April 25, 2018 / 12:40 PM / 6 months ago

BRIEF-Globalstar To Merge With Metro Fiber Provider Fiberlight And Acquire Other Assets In Stock Transaction

April 25 (Reuters) - Globalstar Inc:

* GLOBALSTAR TO MERGE WITH METRO FIBER PROVIDER FIBERLIGHT AND ACQUIRE OTHER ASSETS IN STOCK TRANSACTION

* GLOBALSTAR INC - TO CONDUCT RIGHTS OFFERING FOR MINORITY SHAREHOLDERS FOLLOWING CLOSING ON MERGER

* GLOBALSTAR - UPON COMPLETION OF MERGER, THERMO COMPANIES EXPECTS TO INITIATE A RIGHTS OFFERING OF UP TO $100 MILLION FOR MINORITY SHAREHOLDERS

* GLOBALSTAR INC - SIGNED A MERGER AGREEMENT WITH THERMO ACQUISITIONS INC

* GLOBALSTAR INC - DIFFERENT ASSETS WILL BE COMBINED WITH CO IN EXCHANGE FOR GLOBALSTAR COMMON STOCK VALUED AT APPROXIMATELY $1.65 BILLION

* GLOBALSTAR - ASSETS TO BE COMBINED INCLUDE METRO FIBER PROVIDER FIBERLIGHT, 15.5 MILLION SHARES OF CENTURYLINK, $100 MILLION CASH & MINORITY INVESTMENTS IN COMPLEMENTARY BUSINESSES, $25 MILLION ASSETS

* GLOBALSTAR INC - AT CLOSING PARENT COMPANY WILL BE RENAMED THERMO COMPANIES, INC., AND ITS STOCK WILL CONTINUE TO TRADE PUBLICLY

* GLOBALSTAR INC - MANAGEMENT EXPECTS 2019 ADJUSTED EBITDA OF COMBINED ENTITY TO BE IN EXCESS OF $165 MILLION

* GLOBALSTAR INC - MERGER TO ORGANIZE PRO FORMA CO INTO 4 PRINCIPAL OPERATING SUBSIDIARIES UNDER NAME THERMO COMPANIES INC AS PUBLIC COMPANY

* GLOBALSTAR INC - AS A RESULT OF MOERGER, CO’S CEO TO INCREASE BENEFICIAL OWNERSHIP IN PRO FORMA COMPANY FROM ABOUT 58% TO 83%-87% AT CLOSING

* GLOBALSTAR INC - THERMO, AFFILIATES WHO OWN CO’S STOCK SIGNED VOTING AGREEMENT TO VOTE IN FAVOR OF DEAL AT ANY MEETING OF STOCKHOLDERS

* GLOBALSTAR INC - HAS REACHED AN AGREEMENT IN PRINCIPLE WITH ITS LENDERS ON AN AMENDMENT OF ITS BPIFAE SENIOR DEBT FACILITY

* GLOBALSTAR INC - FIBERLIGHT IS SEEKING AN AMENDMENT TO ITS $255 MILLION SENIOR DEBT FACILITY WITH COBANK Source text for Eikon: Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below