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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
May 20, 1998
GLOBALSTAR TELECOMMUNICATIONS LIMITED
(Exact name of registrant as specified in its charter)
Islands of Bermuda 0-25456 13-3795510
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) Number)
Cedar House, 41 Cedar Avenue, Hamilton, Bermuda HM 12
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
(441) 295-2244
GLOBALSTAR, L.P.
(Exact name of registrant as specified in its charter)
Delaware 333-25461 13-3759824
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) Number)
3200 Zanker Road, P.O. Box 640670, San Jose CA 95164
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
(408) 473-5550
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Item 5. Other Events.
On May 20, 1998, Globalstar, L.P. ("Globalstar"), a partnership of
which Globalstar Telecommunications Limited ("GTL") is a general partner, and
Globalstar Capital Corporation ("Globalstar Capital, and together with
Globalstar, the "Issuers") completed the sale in a private offering of
$275,000,000 principal amount of the Issuers' 11-1/2% senior notes due 2005 (the
"Notes").
On May 22, 1998, the initial purchasers of the Notes exercised
their option to purchase an additional $25,000,000 principal amount of Notes.
The Notes, which were sold to investors at a price of 98.816% of
their principal amount, provided Globalstar with proceeds of approximately $287
million after giving effect to expenses of the offering. The net proceeds of the
offering will be used by Globalstar for the continued construction and
deployment of Globalstar's low-earth orbit satellite-based digital
telecommunications system.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Date: May 26, 1998
GLOBALSTAR TELECOMMUNICATIONS LIMITED
-------------------------------------
(Registrant)
By: /s/ Eric J. Zahler
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Eric J. Zahler
Vice President and Secretary
GLOBALSTAR, L.P.
----------------
(Registrant)
By: Loral/Qualcomm Satellite Services,
L.P.
By: Loral/Qualcomm Partnership, L.P.
By: Loral General Partner, Inc.
By: /s/ Eric J. Zahler
---------------------------------
Eric J. Zahler
Vice President and Secretary
