Hamilton, Bermuda: 22 January, 2001 - Global Crossing Holdings Ltd., a subsidiary of Global Crossing Ltd. (NYSE-GX, BSX: GBLX.BH) announced today that it is in the process of completing an offering of $1 billion in aggregate principal amount of Senior Notes Due August 2007. The senior notes will be guaranteed by Global Crossing Ltd. The senior notes are expected to be issued on January 29, 2001, subject to market conditions.
The net proceeds from the offering will be used by Global Crossing Holdings to refinance existing indebtedness consisting of term loans and revolving loans under its corporate credit facility. The offering is intended to reduce the company's overall cost of borrowing.
The senior notes have not been registered under the Securities Act of 1933, as amended, and will be offered and sold pursuant to applicable exemptions from the registration requirements under that Act.