White & Case LLP - News - White & Case Advises on $586 Million Mobile Satellite Financing

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White & Case Advises on $586 Million Mobile Satellite Financing

London, Miami, Paris, Washington DC, June 22, 2009 ... Global law firm White & Case LLP acted for a syndicate of banks providing a $586 million credit facility to Globalstar, Inc., a leading provider of mobile satellite voice and data services to business, government and individuals. The credit facility will be supported by credit insurance from Coface, the French export credit agency.

The bank syndicate includes BNP Paribas, Natixis, Société Générale, Calyon and Crédit Industriel et Commercial, acting as Mandated Lead Arrangers, with BNP Paribas acting as Coface Agent.

"Advising on a deal of this size is indicative of the increasing sponsor appetite for ECA financing during the current economic downturn", comments David Eisenberg, partner and co-head of White & Case's global TMT practice group. "Significantly, this financing will enable the first of the next generation of mobile satellites to be designed and deployed which is an exciting development not just for Globalstar, but for the industry as a whole."

The financing will support the completion and fund the manufacture, delivery and launch of Globalstar’s 2.0 second-generation network and ground facilities, plus certain long-lead items connected with the accelerated delivery of additional second-generation spare satellites and working capital. Globalstar expects to be the first global mobile satellite voice and data company to deliver and deploy its second-generation satellites and the first to offer an IP (Internet Protocol) – based network.

"This transaction was challenging in that the transaction demanded a unique combination of export credit agency, English, French, and New York banking law and satellite expertise across four offices," comments Craig Nethercott, partner at White & Case.

The White & Case team advising on the deal was led by London partner Craig Nethercott, and senior associate Tom Bartlett (London), working closely with Miami counsel Richard Furey, Washington DC counsel and satellite specialist Maury Mechanick, and associates Joshua Hartshorn (Miami), Lauren Hunt (Miami), Ronan Lambe (London), Emma Larson (Miami), Manny Rodriguez (Miami), and Marianna Sédéfian (Paris).

White & Case has been involved in a broad range of transactions, regulatory developments and legal proceedings throughout the world in all segments of the telecommunications and satellite industry. As a leading provider of satellite and telecommunications advice our truly international practice distinguishes itself in the market through dedicated satellite communications expertise, having acted on notable mandates in some of the more challenging areas of the satellite industry.

The team has previously advised on numerous satellite projects including advising HSBC Principal Investments with regard to its subscription for the preference shares of O3B Networks Limited, a provider of internet connectivity by satellite to emerging markets; advising OverHorizon (Cyprus) PLC in connection with a new satellite venture and with intellectual property aspects of satellite technology advancements; representing the Swedish Space Corporation in connection with the acquisition of U.S.-based Universal Space Network, a leader in space operations for telemetry, tracking and command services and; advising U.S. Export-Import Bank on two major satellite financings over the past few years (Measat Satellite Systems SDN BHD and iPSTAR Satellite).

About White & Case
White & Case LLP is a leading global law firm with 36 offices in 25 countries. Among the first US-based law firms to establish a truly global presence, we provide counsel and representation in virtually every area of law that affects cross-border business. Our clients value both the breadth of our global network and depth of our US, English and local law capabilities in each of our regions and rely on us for their complex cross-border transactions, arbitration and litigation provided by our global practices.
Contact:
Ian Kitts
EMEA Media Relations & Corporate Communications Mgr
White & Case
44 20 7532 2857

Erica Howard
Media Relations Executive, White & Case
44 20 7532 2852

	Press Releases
Expertise Project Finance Lawyers Tom Bartlett David M. Eisenberg Richard B. Furey Joshua D. Hartshorn Maury J. Mechanick Marianna Sédéfian Emma R. Larson Lauren Hunt	White & Case Advises on $586 Million Mobile Satellite Financing London, Miami, Paris, Washington DC, June 22, 2009 ... Global law firm White & Case LLP acted for a syndicate of banks providing a $586 million credit facility to Globalstar, Inc., a leading provider of mobile satellite voice and data services to business, government and individuals. The credit facility will be supported by credit insurance from Coface, the French export credit agency. The bank syndicate includes BNP Paribas, Natixis, Société Générale, Calyon and Crédit Industriel et Commercial, acting as Mandated Lead Arrangers, with BNP Paribas acting as Coface Agent. "Advising on a deal of this size is indicative of the increasing sponsor appetite for ECA financing during the current economic downturn", comments David Eisenberg, partner and co-head of White & Case's global TMT practice group. "Significantly, this financing will enable the first of the next generation of mobile satellites to be designed and deployed which is an exciting development not just for Globalstar, but for the industry as a whole." The financing will support the completion and fund the manufacture, delivery and launch of Globalstar’s 2.0 second-generation network and ground facilities, plus certain long-lead items connected with the accelerated delivery of additional second-generation spare satellites and working capital. Globalstar expects to be the first global mobile satellite voice and data company to deliver and deploy its second-generation satellites and the first to offer an IP (Internet Protocol) – based network. "This transaction was challenging in that the transaction demanded a unique combination of export credit agency, English, French, and New York banking law and satellite expertise across four offices," comments Craig Nethercott, partner at White & Case. The White & Case team advising on the deal was led by London partner Craig Nethercott, and senior associate Tom Bartlett (London), working closely with Miami counsel Richard Furey, Washington DC counsel and satellite specialist Maury Mechanick, and associates Joshua Hartshorn (Miami), Lauren Hunt (Miami), Ronan Lambe (London), Emma Larson (Miami), Manny Rodriguez (Miami), and Marianna Sédéfian (Paris). White & Case has been involved in a broad range of transactions, regulatory developments and legal proceedings throughout the world in all segments of the telecommunications and satellite industry. As a leading provider of satellite and telecommunications advice our truly international practice distinguishes itself in the market through dedicated satellite communications expertise, having acted on notable mandates in some of the more challenging areas of the satellite industry. The team has previously advised on numerous satellite projects including advising HSBC Principal Investments with regard to its subscription for the preference shares of O3B Networks Limited, a provider of internet connectivity by satellite to emerging markets; advising OverHorizon (Cyprus) PLC in connection with a new satellite venture and with intellectual property aspects of satellite technology advancements; representing the Swedish Space Corporation in connection with the acquisition of U.S.-based Universal Space Network, a leader in space operations for telemetry, tracking and command services and; advising U.S. Export-Import Bank on two major satellite financings over the past few years (Measat Satellite Systems SDN BHD and iPSTAR Satellite). About White & Case White & Case LLP is a leading global law firm with 36 offices in 25 countries. Among the first US-based law firms to establish a truly global presence, we provide counsel and representation in virtually every area of law that affects cross-border business. Our clients value both the breadth of our global network and depth of our US, English and local law capabilities in each of our regions and rely on us for their complex cross-border transactions, arbitration and litigation provided by our global practices. Contact: Ian Kitts EMEA Media Relations & Corporate Communications Mgr White & Case 44 20 7532 2857 Erica Howard Media Relations Executive, White & Case 44 20 7532 2852