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Global Crossing Announces 420 Million Stock, Note Offering

The company also expects to raise $125 million from the sale of 5% senior convertible notes that mature in 2011.Global Crossing has priced a concurrent public offering of stock and senior convertible notes at up to $420 million. The common stock, which is expected to fetch up to $276 million, consists of 12 million shares at $20.00 apiece and underwriters” options for an additional 1.8 million shares. The Florham Park-based company also expects to raise $125 million from the sale of 5% senior convertible notes that mature in 2011 with a conversion rate of 43.5 shares of common stock per $1,000 principal amount of notes.

Underwriters have been granted an option to purchase up to an additional $19 million of notes. Funds from the offerings, which are expected to close May 30, will be used to acquire assets or businesses, to buy U.S. treasury securities to collateralize the first six interest payments on the notes, to pay fees and expenses related to the offerings, and for other purposes. Goldman, Sachs is the sole bookrunner and Morgan Stanley is joint lead manager for the transactions.

Global Crossing provides telecommunications services over an Internet-based network.

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