Hamilton, Bermuda: 11 May, 2000 - Global Crossing Ltd. (Nasdaq:GBLX, BSX: GBLX.BH) announced today that the underwriters of its recent offering of cumulative convertible preferred stock exercised in full their over-allotment option to purchase an additional 600,000 shares at the offering price of $250 per share, less underwriting discounts. The transaction was completed May 9, 2000.
As a result of the exercise of this option, Global Crossing received additional net proceeds of approximately $146 million. After giving effect to the sale of the over-allotment shares, a total of 4,600,000 shares of cumulative convertible preferred stock were sold
in the offering.
Each share of cumulative convertible preferred stock bears a dividend rate of 6-3/4 percent per annum, has a liquidation preference of $250 a share and is convertible into Global Crossing
common stock at an effective price of $39.60.
The joint book-running managers for the offering were Salomon Smith Barney and Goldman, Sachs & Co. Merrill Lynch & Co. acted as joint lead manager for the offering.