TerreStar (TSTR) Sells Remaining Shares in SkyTerra for $123M
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TerreStar Corporation (NASDAQ: TSTR) today announced that it had sold its remaining 29,926,074 shares of non-voting common stock of SkyTerra Communications, Inc. (OTC: SKYT) for a total of approximately $123 million in a series of transactions. The proceeds of the sales will be used for working capital and general corporate purposes and are expected to meet TerreStar's capital needs into 2010.
Affiliates of Harbinger Capital Management purchased 23,626,074 shares for proceeds of approximately $97 million, and the remaining 6,300,000 shares were sold to other purchasers for net proceeds of approximately $26 million. A portion of the shares sold to Harbinger will be delivered to a collateral agent pending receipt of FCC approval of Harbinger's pending application to assume control of SkyTerra, but the purchase price has been paid in full.
TerreStar Corporation, through its subsidiaries, engages in the integrated satellite wireless communications business in North America.
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