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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):
November 30, 1999
GLOBALSTAR TELECOMMUNICATIONS LIMITED
(Exact name of registrant as specified in its charter)
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<S> <C> <C>
Islands of Bermuda 0-25456 13-3795510
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) Number
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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
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Item 5. Other Events.
The press release of the registrant dated November 30, 1999, a copy of
which is attached hereto as Exhibit 99.1, is hereby incorporated by reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits.
Exhibit 99.1 Press Release of Globalstar Telecommunications Limited dated
November 30, 1999
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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.
GLOBALSTAR TELECOMMUNICATIONS
LIMITED
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(Registrant)
Date: December 2, 1999 By: /s/ Avi Katz
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Avi Katz
Vice President and Secretary
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EXHIBIT INDEX
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Exhibit Description
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Exhibit 99.1 Press Release of Globalstar Telecommunications Limited dated
November 30, 1999
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Exhibit 99.1
[GRAPHIC OMITTED]
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600 Third Avenue
New York, NY 10016
Tel: (212) 697-1105
Fax: (212) 338-5662
NEWS
For Immediate Release
Contact: Jeanette Clonan
212-338-5658
GLOBALSTAR TO SELL $150 MILLION OF
CONVERTIBLE PREFERRED STOCK
IN A RULE 144A OFFERING
NEW YORK, November 30, 1999 -- Globalstar Telecommunications Limited
(NASDAQ:GSTRF) announced today that it plans to sell $150 million of Convertible
Preferred Stock in an offering exempt from registration.
Globalstar Telecommunications Limited (GTL) will apply the proceeds to purchase
Convertible Preferred Partnership Interests in Globalstar, L.P. Globalstar L.P.,
in turn, will use the proceeds from the sale of the Convertible Preferred
Partnership Interests for continued deployment of the Globalstar mobile
satellite-based telephone system and for general corporate purposes.
The Preferred Stock will be offered only to qualified institutional buyers
pursuant to Rule 144A, and to certain persons in offshore transactions pursuant
to Regulation S under the Securities Act of 1933. The Preferred Stock has not
been registered under the Securities Act of 1933 and may not be offered or sold
in the United States absent registration or an applicable exemption from
registration requirements. This press release does not constitute an offer to
sell or the solicitation of an offer to buy the securities.
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