Bloomberg highlighted the structure of the deal:

The extended mobile satellite services network will be owned by a unit Globalstar SPE

Apple will make an infrastructure prepayment of up to $1.1 billion and an amount necessary for Globalstar to retire its outstanding 13.00% Senior Notes due 2029

Apple agreed to buy 400,000 Class B Units in the Globalstar SPE vehicle, representing a 20% equity interest, for $400 million