LONDON, April 29 /PRNewswire/ --

-- 10.75% Dollar-Denominated Senior Secured Notes due in 2014 ("Dollar Notes") -- CUSIP C37943S AB 6, ISIN US37943SAB60 and CUSIP G3922VAA1, ISIN USG3922VAA10 -- 11.75% Pounds Sterling-Denominated Senior Secured Notes due in 2014 ("Sterling Notes") -- Common code: 022661345, ISIN: XS0226613452

Global Crossing (UK) Finance plc ("GCUK Finance"), a wholly owned subsidiary of Global Crossing (Nasdaq: GLBC), announced today that it has begun an excess cash offer with respect to its senior secured notes.

In accordance with the indenture governing its notes, GCUK Finance will offer to purchase for cash up to 1.213 million British pounds sterling in aggregate principal amount, including accrued 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.

The offer is being made pursuant to the terms of the indenture governing the senior secured notes. The indenture requires GCUK Finance to make an offer to purchase the maximum principal amount of the senior secured notes possible using 50 percent of GCUK's excess operating cash flow for the period from December 23, 2004 to December 31, 2005 and for each twelve month period thereafter.

The excess cash offer will expire at 5:00 p.m. BST on May 29, 2008, unless extended. The terms and conditions of the offer are described in GCUK Finance's offer document dated April 29, 2008.

Notes that are properly tendered and accepted for purchase in accordance with the terms and conditions of the offer document will be 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. If the aggregate principal amount of notes tendered exceeds the amount that can be purchased using the Excess Cash at a purchase price of 100 percent of the principal amount thereof plus accrued interest, notes will be 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 will be 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.

Tenders may be validly withdrawn until 10:00 a.m. BST on June 3, 2008 or, if the offer period is extended, at 10:00 a.m. BST three business days after the expiration date for the offer.

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 Ltd. 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.


Global Crossing (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 the actual results to differ materially, including: Failure to achieve expected synergies or operating results resulting from the acquisition of Fibernet or Impsat; Global Crossing's history of substantial operating losses and the fact that, in the near term, funds from operations will not satisfy cash requirements; legal and contractual restrictions on the inter-company transfer of funds by the company's subsidiaries; the company's ability to continue to connect its network to incumbent carriers' networks or maintain Internet peering arrangements on favorable terms; the consequences of any inadvertent violation of the company's Network Security Agreement with the U.S. Government; increased competition and pricing pressures resulting from technology advances and regulatory changes; competitive disadvantages relative to competitors with superior resources; political, legal and other risks due to the company's substantial international operations; potential weaknesses in internal controls of acquired businesses, and difficulties in integrating internal controls of those businesses with the company's own 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; exposure to contingent liabilities; and other risks referenced from time to time in the company's and Impsat's filings with the Securities and Exchange Commission. Global Crossing undertakes no duty to update information contained in this press release or in other public disclosures at any time.

CONTACT GLOBAL CROSSING: Press Contact Becky Yeamans +1-973-937-0155 Analysts/Investors Contact Suzanne Lipton +1-800-836-0342


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Press, Becky Yeamans, +1-973-937-0155,, Analysts/Investors, Suzanne Lipton, +1-800-836-0342,, both of Global Crossing