LONDON, June 2 /PRNewswire/ --
Global Crossing (UK) Finance Plc (GCUK Finance), a wholly owned subsidiary of Global Crossing (Nasdaq: GLBC), today announced that it has completed the annual excess cash offer for its 11.75 percent Sterling-denominated and 10.75 percent Dollar-denominated senior secured notes due in 2014.
In accordance with the indenture governing its notes, GCUK Finance offered to purchase for cash up to 7.766 million British pounds sterling in aggregate principal amount, including accrued and unpaid interest (the Excess Cash), of its 10.75-percent U.S. dollar-denominated senior secured notes due in 2014 and its 11.75-percent British pounds sterling-denominated senior secured notes due in 2014. The notes are guaranteed by Global Crossing (UK) Telecommunications Limited (GCUK), GCUK Finance's immediate parent and the principal UK operating subsidiary of Global Crossing.
GCUK Finance reported that holders tendered notes with aggregate principal amount, including accrued and unpaid interest, in excess of 7.766 million British pounds sterling. GCUK accepted the offer at 5:00 p.m. BST on May 26, 2009.
Notes that were properly tendered and accepted for purchase in accordance with the terms and conditions of the offer document were accepted for purchase on a pro rata basis among tendering note holders based upon the amounts tendered, as the aggregate principal amount of notes tendered exceeded the amount that could be purchased using the Excess Cash at a purchase price of 100 percent of the principal amount thereof plus accrued interest. For the purposes of determining the aggregate principal amount of the notes tendered in order to apply the pro rata calculation, the aggregate principal amount of the sterling-denominated notes tendered was converted to dollars at the noon buying rate in the City of New York for cable transfers in pounds sterling as announced by the Federal Reserve Bank of New York for customs purposes on April 24, 2009. Notes accepted for purchase were purchased at a cash price equal to 100 percent of the outstanding principal amount of the notes tendered, together with any accrued and unpaid interest outstanding on the date of the purchase.
Global Crossing UK Telecommunications Limited
Global Crossing UK Telecommunications Limited, the holding company of GCUK Finance, provides a full range of managed telecommunications services in a secure environment ideally suited for IP-based business applications. The company provides managed voice, data, Internet and e-commerce solutions to a strong and established commercial customer base, including more than 100 UK government departments, as well as systems integrators, rail sector customers and major corporate clients. In addition, Global Crossing UK provides carrier services to national and international communications service providers.
ABOUT GLOBAL CROSSING
Global Crossing (Nasdaq: GLBC) is a leading global IP solutions provider with the world's first integrated global IP-based network. The company offers a full range of secure data, voice, and video products to approximately 40 percent of the Fortune 500, as well as to 700 carriers, mobile operators and ISPs. It delivers services to more than 690 cities in more than 60 countries and six continents around the globe.
Website Access to Company Information
Global Crossing maintains a corporate website at www.globalcrossing.com, and you can find additional information about the company through the Investors pages on that website at http://investors.globalcrossing.com. Global Crossing utilizes its website as a channel of distribution of important information about the company. Global Crossing routinely posts financial and other important information regarding the company and its business, financial condition and operations on the Investors web pages.
Visitors to the Investors web pages can view and print copies of Global Crossing's SEC filings, including periodic and current reports on Forms 10-K, 10-Q and 8-K, as soon as reasonably practicable after those filings are made with the SEC. Copies of the charters for each of the standing committees of Global Crossing's Board of Directors, its Corporate Governance Guidelines, Ethics Policy, press releases and analysts presentations are all available through the Investors web pages.
Please note that the information contained on any of Global Crossing's websites is not incorporated by reference in, or considered to be a part of, any document unless expressly incorporated by reference therein.
This press release contains statements about expected future events and financial results that are forward-looking and subject to risks and uncertainties that could cause the actual results to differ materially, including; increased competition and pricing pressures resulting from technology advances and regulatory changes; competitive disadvantages relative to competitors with superior resources; the impact on the business of an economic downturn or recession; dependence on a number of key personnel; potential weaknesses in internal controls of acquired businesses, and difficulties in integrating internal controls of those businesses with GCUK's internal controls; the concentration of revenue in a limited number of customers, and the rights of such customers to terminate their contracts or to simply cease purchasing services thereunder; the influence of the company's parent, and possible conflicts of interest of the parent or of certain of GCUK's directors and officers; our ability to raise capital through financing activities; exposure to contingent liabilities; and other risks referenced from time to time in GCUK's filings with the Securities and Exchange Commission. GCUK undertakes no duty to update information contained in this press release or in other public disclosures at any time.
CONTACT GLOBAL CROSSING: Press Contact Michael Schneider +1-973-937-0146 Analysts/Investors Contact Mark Gottlieb +1-800-836-0342