MSV, SkyTerra Enter Financing Agreement
[12-17-07 – Satellite Today] Mobile Satellite Ventures (MSV) and SkyTerra Communications Inc. have entered an agreement to sell $150 million of MSV’s senior unsecured notes due 2013 and warrants to purchase 7.5 percent of SkyTerra’s Common Stock, MSV announced Dec. 17.
MSV will sell the notes to Harbinger Capital Partners Master Fund 1 Ltd., and Harbinger Capital Partners Special Situations Fund LP.
MSV and SkyTerra intend to use the net proceeds from the financing for working capital and general corporate purposes. The transaction is expected to close on January 4, 2008 and is subject to customary closing conditions.