TELECOMMUNICATIONS

* Globalstar Telecommunications Ltd., which expects to start its satellite-based telephone network in September, said it obtained a $500-million credit facility that completes the financing it needs to begin operating. The New York-based firm, which is 42%-owned by Loral Space & Communications Ltd., got the credit facility from Bank of America Corp. The loan’s significance is underscored by the fact that analysts had questioned Globalstar’s ability to obtain funding at a time of recurring problems in the satellite business. Shares of New York-based Globalstar rose $2.50 to close at $19.69 on Nasdaq. Loral shares rose 44 cents to close at $17.75 on the NYSE.