<PAGE>
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):
September 22, 2000
--------------------
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, San Jose, California 95134
--------------------------------------------------
(Address of principal executive offices)(Zip Code)
Registrant's telephone number, including area code:
(408)933-4000
---------------------------------------------------
<PAGE>
Item 5. Other Events.
-------------
Globalstar Telecommunications Limited ("GTL") has entered into subscription
agreements dated September 22, 2000 with five of its founding partners, Loral
Space & Communications Ltd. ("Loral"), Vodafone plc, Qualcomm Incorporated,
Elsacom N.V. and TE.SA.M. (a France Telecom/Alcatel partnership), pursuant to
which the partners have agreed to purchase an aggregate of 5,246,208 shares of
GTL common stock for $56.2 million. Of this amount, Loral, the managing general
partner of Globalstar, L.P. ("Globalstar"), has agreed to purchase 1,120,187
shares for $12 million.
The share purchases are based on a price of $10.7125 per share, the average
of the high and low prices of GTL common stock for the ten trading days ending
September 21, 2000. The transaction, which is subject to customary closing
conditions, is expected to close by September 29, 2000.
GTL will use the proceeds of the sale to purchase ordinary partnership
interests in Globalstar, which, in turn, will use the proceeds for general
corporate purposes including capital expenditures, operations (including
marketing and distribution of phones and services) and interest expense.
GTL has also completed the first take down of shares under its purchase
agreement with Bear, Stearns International Limited ("Bear Stearns") dated
September 18, 2000. On September 22, 2000, GTL sold 1,000,000 shares of common
stock to Bear Stearns for $9,293,000.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
-------------------------------------------------------------------
(c) Exhibits.
Exhibit.10.1 Subscription Agreement dated September 22, 2000 between
Globalstar Telecommunications Limited and Loral Space &
Communications Ltd.
2
<PAGE>
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
By: /s/ Richard J. Townsend
------------------------------
Name: Richard J. Townsend
Title: Vice President and
Chief Financial Officer
GLOBALSTAR, L.P.
By: Loral/Qualcomm Satellite
Services, L.P., its managing
general partner
By: Loral/Qualcomm Partnership,
L.P., its general partner
By: Loral General Partner, Inc.,
its general partner
By: /s/ Avi Katz
------------------------------
Name: Avi Katz
Title: Vice President and
Secretary
Date: September 25, 2000
3