Globalstar finalized its $586.3 million senior secured credit facility agreement with Coface in June 2009. Globalstar’s first repayment date will now be as late as June 2013 instead of June 2012. The precise date is dependent on the date of Globalstar’s fourth launch of second-generation satellites.

   The amendment also makes further adjustments to the facility’s financial and operating covenants, including a significant reduction of Globalsta’s 2011 and 2012 adjusted consolidated EBITDA covenants and a change to its required date for its 24th second-generation satellite to be placed into service.

   “The financing agreement provides Globalstar with the added flexibility to complete the four launches of our new satellite constellation, restore our network coverage and begin revenue recovery prior to making principal facility payments," Globalstar Chairman and CEO Jay Monroe said in a statement.