Globalstar Supports Open Range
TECHNOLOGY - Globalstar said Open Range Communications secured approval for a $267 million broadband loan from the Department of Agriculture's Rural Utilities Program. In late 2007 Globalstar signed an agreement with Open Range permitting the company to deploy wireless broadband service in rural areas using its Ancillary Terrestrial Component (ATC) authority. Open Range also won $95 million in equity financing.
RBC Daniels served as financial advisor to Open Range in its arrangement of the equity funding commitment and its formation of certain partner relationships.
TECHNOLOGY - ORBCOMM, a global satellite data communications company, received a modified space station authorization from the Federal Communications Commission, a move that effectively gives it the necessary regulatory approval for its next-generation low earth orbit satellite constellation plan.
The company also said the FCC granted its request to renew its space station license for an additional 15 years, providing for an extension to 2025.