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Global Crossing Announces Pricing of Equity Offerings
More than half of the shares were sold by the company, with the remainder sold by existing shareholders. Delivery is scheduled for April 14.
The company also announced that it had priced four million shares of cumulative convertible preferred stock at a dividend rate of 6 3/8 percent per annum and a liquidation preference of $250 a share.
Each share of the cumulative convertible referred stock is convertible into common stock at an effective price of $39.60.
The joint book-running managers for the offerings of Global Crossing common stock and convertible preferred stock are Salomon Smith Barney and Goldman, Sachs & Co. Merrill Lynch & Co. is joint
lead manager for the offerings.