LONDON, June 3 /PRNewswire/ --

Global Crossing (UK) Finance Plc ("GCUK Finance") today announced that it has completed the 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 the senior secured notes, GCUK Finance offered to purchase for cash up to 1.213 million British pounds sterling in aggregate principal amount, including accrued and unpaid interest, 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") and its subsidiaries. GCUK is GCUK Finance's immediate parent and the principal UK operating subsidiary of Global Crossing.

GCUK Finance reported that holders tendered notes with principal and unaccrued interest in excess of 1.213 million British pounds sterling. GCUK accepted the offer at 5:00 p.m. BST on May 29, 2008.

Notes that were properly tendered and accepted for purchase in accordance with the terms and conditions of the offer document 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. Since the aggregate principal amount of notes tendered exceeded the amount purchased using the Excess Cash at a purchase price of 100 percent of the principal amount thereof plus accrued interest, notes were accepted for purchase on a pro rata basis among tendering note holders based upon the amounts tendered. For 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 were 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 28, 2008.

For more information regarding the tendering of notes, please refer to the procedures described in the offer document under "Procedures for Tendering."

Copies of the offer document, and other information relating to this excess cash offer are available from The Bank of New York and The Bank of New York Mellon Corporation, as Tender Agents for the Sterling and Dollar Notes respectively; BNY Financial Services Plc, as Irish Tender Agent; The Bank of New York, as Irish Listing Agent; the custodian for The Depository Trust Company and the common depositary for Euroclear System and Clearstream Banking, societe anonyme.


Global Crossing (UK) Telecommunications Limited 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, it provides carrier services to national and international communications service providers.


Global Crossing Limited (NASDAQ: GLBC) provides telecommunications solutions over the world's first integrated global IP-based network. Its core network connects approximately 390 cities in more than 30 countries worldwide, and delivers services to approximately 690 cities in more than 60 countries and 6 continents around the globe. The company's global sales and support model matches the network footprint and, like the network, delivers a consistent customer experience worldwide.

Global Crossing IP services are global in scale, linking the world's enterprises, governments and carriers with customers, employees and partners worldwide in a secure environment that is ideally suited for IP-based business applications, allowing e-commerce to thrive. The company offers a full range of data, voice and security products to approximately 40 percent of the Fortune 500, as well as 700 carriers, mobile operators and ISPs. Its Professional Services and Managed Solutions provide VoIP, security and network consulting and management services to support its Global Crossing IP VPN service and Global Crossing VoIP services. Global Crossing was the first global communications provider with IPv6 natively deployed in both its private and public backbone networks.

Please visit or for more information about Global Crossing.

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 GCUK's actual results to differ materially, including: the level of competition in the marketplace; pricing pressures resulting from technology advances and regulatory changes; competitive disadvantages relative to competitors with superior resources; dependence on a number of key personnel; the concentration of revenue in a limited number of customers; customer contracts typically do not have firm commitments to purchase minimum levels of revenue or services; the reliance on a limited number of third party suppliers; a change of control could lead to the termination of many of the company's government contracts; insolvency could lead to termination of certain of the company's contracts; slower than anticipated adoption by customers of next generation products; risks relating to the operation, administration, maintenance and repair of our systems; terrorist attacks or other acts of violence or war that may adversely affect the financial markets and our business and operations; the accuracy of our real estate restructuring provision; the influence of the company's parent, and possible conflicts of interest of the parent or of certain of GCUK's directors and officers; the sharing of corporate and operational services with our parent; our ability to raise capital through financing activities; and other risks referenced from time to time in the company's filings with the Securities and Exchange Commission. The company 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 Suzanne Lipton +1-800-836-0342


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Press Contact, Michael Schneider, +1-973-937-0146,, or Analysts-Investors Contact, Suzanne Lipton, +1-800-836-0342,, both of Global Crossing