NEW YORK-Globalstar Telecommunications Ltd. has filed with the Securities and Exchange Commission to make an initial public offering of 12 million shares of common stock, priced between $24 and $26 a share.
Proceeds from the offering will be used to purchase a 25 percent general partnership interest in Globalstar L.P., a venture between New York based-Loral Corp. and Qualcomm Inc. of San Diego. Globalstar L.P. plans to build a $1.95 billion network of 48 low-earth-orbiting satellites scheduled to start operating in early 1998.
Globalstar Telecommunications hopes to raise from $288 million to $312 million during the offering period, which is scheduled for early 1995.
Loral-Qualcomm Satellite Services Inc. is one of six firms that have applies to the Federal Communications Commission for a LEO license. The FCC is expected to announce license holders on Jan. 31.
Other companies with partnership interests in the Globalstar satellite systems are AirTouch Communications; Alcatel, N.V. and France Telecom of France; DACOM and Hyundai Electronics Industries Co. Ltd. of Seoul, Korea; Daimler Benz Aerospace AG of Munich, Germany; Finmeccanica of Rome; Space Systems/Loral of Palo Alto, Calif.; and Vodafone plc of NewBury, England.
Globalstar intends to trade on the NASDAQ market under the symbol GSTRF. Lehman Brothers will act as lead manager and global coordinator for the offering.