ST. DAVID'S, BERMUDA: 2 February 2000 -- GlobeNet Communications Group Limited (BSX: GLCOM.BH) announced today that, on February 1, 2000, the Securities and Exchange Commission declared effective GlobeNet's registration statement for its offer to exchange $1,000 principal amount of its 13% Series B Senior Notes due 2007 for each $1,000 principal amount of its issued and outstanding 13% Senior Notes due 2007 that are properly tendered in the exchange offer and not withdrawn prior to the expiration date. The exchange offer will expire at 5:00 p.m. New York City time on March 6, 2000, unless extended. Copies of the written prospectus and letter of transmittal relating to this exchange offer may be obtained from Bankers Trust Company, the exchange agent, at BT Services Tennessee, Inc., Reorganization Unit, P.O. Box 292737, Nashville, Tennessee 37229-2737.
GlobeNet Communications Group Limited is an independent developer of international fiber-optic cable facilities. Since 1997, it has provided international services through its wholly-owned, facilities-based subsidiary, TeleBermuda International Limited (TBI), using the company's BUS-1 undersea fiber optic cable system connecting Bermuda and the United States.
GlobeNet is expanding its BUS-1 network by laying a 22,500-kilometer fiber optic ring, Atlantica-1, to connect North and South America. The first leg of the 1.28 Terabit path is scheduled to be operational in September 2000. With headquarters in St. David's Bermuda, GlobeNet (GLOCOM on the Bermuda Stock Exchange) has offices in New York, Toronto and Montreal.