year, $250 million bank financing plan.

The company noted that with the bank facility its remaining external financing requirements are about $600 million for the $2 billion Globalstar project which includes several low earth orbiting satellites offering telecommunications services.

Globalstar Telecommunications, a Bermuda company, acts as general partner to Globalstar L.P.

The company will not draw down the bank facility for several months but it will be available as required in future.