Globalstar headquarters.

[Via Satellite 08-23-13] Globalstar, a provider of mobile satellite voice and data services, has met all of the conditions precedent necessary for the effectiveness of the amended and restated COFACE facility agreement.

The agreement waives all existing defaults under the existing facility, postpones the first principal payment date to December 2014, defers a total of $235.4 million in principal payments through December 2019, and extends the final maturity date to December 2022. The agreement also revises the financial covenants to correspond to the Globalstar’s new business plan reflecting the delay in delivery of its second-generation satellites.

“We previously informed you that Globalstar expected to meet all of the conditions precedent to close this transaction during the month of August, and I am pleased to announce today that we have done just that,” said Jay Monroe, chairman and CEO of Globalstar in a statement. “We intend to move forward aggressively to maximize these opportunities for the benefit of our customers and our shareholders.”