Global Crossing subsidiary launches tender offer for notes due 2014

By Laura Lutz

Des Moines, April 29 - Global Crossing (UK) Finance plc, a subsidiary of Global Crossing, announced an excess cash offer for its senior secured notes.

The company is offering to buy up to £1.21 million principal amount, including accrued interest, of its 10¾% dollar-denominated senior secured notes due 2014 and its 11¾% pound-denominated senior secured notes due 2014.

Under the terms of the notes, the company is required to offer to buy back as many of the senior secured notes as possible with 50% of its operating cash flow for each year.

Tendering noteholders will receive par plus accrued interest if their tenders are accepted in full. If more than £1.21 million principal amount of notes are tendered, they will be accepted on a pro rata basis.

The offer will expire at 11 a.m. ET on May 29. Tenders may be withdrawn until three days after the offer expiration.

Global Crossing (UK) Telecommunications Ltd. guarantees the notes.

Bank of New York and Bank of New York Mellon Corp. are the tender agents for the pound- and dollar-denominated notes, respectively. BNY Financial Services plc is the Irish tender agent, and Bank of New York is the Irish listing agent.

Global Crossing (UK) Finance is a London-based subsidiary of Global Crossing, a Bermuda-based telecommunications company.

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