Global Crossing talks $150 million nine-year notes with 8½% area yield

By Paul A. Harris

St. Louis, Nov. 9 - Global Crossing Ltd. talked its $150 million offering of nine-year senior notes with an 8½% area yield on Tuesday, according to an informed source.

The quick-to-market deal is expected to price Wednesday morning.

Credit Suisse and Goldman Sachs & Co. are the joint bookrunners for the Rule 144A and Regulation S with registration rights offering.

The notes will be non-callable until 2014.

Proceeds will be used to redeem all of the company's outstanding 5% convertible senior notes.

The telecommunications services provider is based in Hamilton, Bermuda.

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