NEW YORK-Globalstar, L.P., which plans to become a wholesaler of a satellite-based wireless voice and data communications, will sell a $325 million issue of senior notes.
Globalstar, headquartered in New York, expects to begin offering commercial service in the fall of next year from a constellation of 56 satellites. Its first launch is scheduled for December and its second in February, each with four satellites aboard a Boeing Delta II rocket. Using Ukrainian and Russian vehicles, it plans to launch the rest of its satellites by the end of 1998.
“At this stage, development of the network seems to be on schedule,” said Moody’s Investors Service Inc., New York, when it announced it had assigned a speculative grade rating of B3 to Globalstar’s proposed debt issuance.
