Global Crossing Announces Close of Excess Cash Offer

By Global Crossing, PRNE
Monday, May 30, 2011

LONDON, May 31, 2011 -

Global Crossing (UK) Finance Plc ("GCUK Finance"), a wholly owned
subsidiary of Global Crossing (NASDAQ: GLBC), today announced that it has
completed the excess cash offer for its 11.75 percent Sterling-denominated
and 10.75% Dollar-denominated senior secured notes due in 2014.

In accordance with the indenture governing the senior secured notes, GCUK
Finance offered to purchase for cash up to 11.144 million British pounds
sterling in aggregate principal amount, including accrued and unpaid interest
(the "Excess Cash"), of its 10.75-percent U.S. dollar-denominated senior
secured notes due in 2014 and its 11.75-percent British pounds
sterling-denominated senior secured notes due in 2014. The notes are
guaranteed by Global Crossing (UK) Telecommunications Limited ("GCUK") and
its subsidiaries. GCUK is GCUK Finance's immediate parent and the principal
UK operating subsidiary of Global Crossing.

GCUK Finance reported that no tenders had been received by the close of
the offer at 4:00 p.m. BST on May 26, 2011.

For more information regarding the tendering of notes, please refer to
the procedures described in the offer document under "Procedures for
Tendering."

Copies of the offer document, and other information relating to this
excess cash offer are available from The Bank of New York and The Bank of New
York Mellon Corporation, as Tender Agents for the Sterling and Dollar Notes
respectively; BNY Financial Services Plc, as Irish Tender Agent; The Bank of
New York, as Irish Listing Agent; the custodian for The Depository Trust
Company and the common depositary for Euroclear System and
Clearstream Banking, socie te anonyme.

ABOUT GLOBAL CROSSING

Global Crossing (NASDAQ: GLBC) is a leading global IP, Ethernet, data
center and video solutions provider with the world's first integrated global
IP-based network. The company offers a full range of data, voice,
collaboration, broadcast and media services delivered with superior customer
service.

Global Crossing provides services to enterprises (including approximately
40 percent of the Fortune 500); government departments and agencies; and 700
carriers, mobile operators and ISPs. It delivers converged IP services to
more than 700 cities in more than 70 countries, and has 17 world-class data
centers in major business centers around the globe.

Please visit www.globalcrossing.com for more information about
Global Crossing.

Website Access to Company Information

Global Crossing maintains a corporate website at
www.globalcrossing.com, and you can find additional information about
the company through the Investors pages on that website at
investors.globalcrossing.com. Global Crossing utilizes its website as
a channel of distribution of important information about the company. Global
Crossing routinely posts financial and other important information regarding
the company and its business, financial condition and operations on the
Investors web pages.

Visitors to the Investors web pages can view and print copies of Global
Crossing's SEC filings, including periodic and current reports on Forms 10-K,
10-Q, 8-K, and in respect of GCUK's Forms 20-F and 6-K, as soon as reasonably
practicable after those filings are made with the SEC. Copies of the charters
for each of the standing committees of Global Crossing's Board of Directors,
its Corporate Governance Guidelines, Ethics Policy, press releases and
analysts presentations are all available through the Investors web pages.

Please note that the information contained on any of Global Crossing's
websites is not incorporated by reference in, or considered to be a part of,
any document unless expressly incorporated by reference therein.

IMPORTANT INFORMATION FOR INVESTORS

This communication shall not constitute an offer to sell or the
solicitation of an offer to buy any securities or a solicitation of any vote
or approval. The proposed amalgamation involving Level 3 Communications, Inc.
("Level 3") and Global Crossing Limited ("Global Crossing") announced on
April 11, 2011 will be submitted to the stockholders of Level 3 and the
stockholders of Global Crossing for their consideration. Level 3 and Global
Crossing have filed with the SEC a registration statement on Form S-4 that
includes a preliminary joint proxy statement of Level 3 and Global Crossing
that also constitutes a preliminary prospectus of Level 3, and may in the
future file with the SEC other relevant documents concerning the proposed
transaction. Level 3 and Global Crossing will each provide the final joint
proxy statement/prospectus to its respective stockholders. Investors and
security holders are urged to read the registration statement and the joint
proxy statement/prospectus and any other relevant documents filed with the
SEC when they become available, as well as any amendments or supplements to
those documents, because they contain and will contain important information
about Level 3, Global Crossing and the proposed transaction. Investors and
security holders may obtain a free copy of the registration statement and
joint proxy statement/prospectus, as well as other filings containing
information about Level 3 and Global Crossing, free of charge at the SEC's
Web Site at www.sec.gov. In addition, the joint proxy
statement/prospectus, the SEC filings that are or will be incorporated by
reference in the joint proxy statement/prospectus and the other documents
filed or to be filed with the SEC by Level 3 may be obtained free of charge
by directing such request to: Investor Relations, Level 3, Inc., 1025
Eldorado Boulevard, Broomfield, Colorado 80021 or from Level 3's Investor
Relations page on its corporate website at www.Level3.com and the
joint proxy statement/prospectus, the SEC filings that are or will be
incorporated by reference in the joint proxy statement/prospectus and the
other documents filed or to be filed with the SEC by Global Crossing may be
obtained free of charge by directing such request to: Global Crossing by
telephone at (800) 836-0342 or by submitting a request by e-mail to
glbc@globalcrossing.com or a written request to the Secretary, Wessex House,
45 Reid Street, Hamilton HM12 Bermuda or from Global Crossing's Investor
Relations page on its corporate website at www.globalcrossing.com.

Level 3, Global Crossing and their respective directors, executive
officers, and certain other members of management and employees may be deemed
to be participants in the solicitation of proxies in favor of the proposed
transaction from the stockholders of Level 3 and from the stockholders of
Global Crossing, respectively. Information about the directors and executive
officers of Level 3 is set forth in the proxy statement on Schedule 14A for
Level 3's 2011 Annual Meeting of Stockholders, which was filed with the SEC
on April 4, 2011 and information about the directors and executive officers
of Global Crossing is set forth in the proxy statement on Schedule 14A for
Global Crossing's 2011 Annual General Meeting of Shareholders, which was
filed with the SEC on April 29, 2011. Additional information regarding
participants in the proxy solicitation may be obtained by reading the joint
proxy statement/prospectus regarding the proposed transaction.

This press release contains statements about expected future events and
financial results that are forward looking and subject to risks and
uncertainties that could cause the actual results to differ materially,
including: the failure to occur of any condition to the closing of the
acquisition of Global Crossing by Level 3 and uncertainties as to the timing
of the closing; the failure to achieve or any delay in achieving expected
synergies and other financial benefits from the acquisition; changes in
Global Crossing's risk profile resulting from the acquisition; limitations on
Global Crossing's financial and operational flexibility that arise under the
covenants in the amalgamation agreement that could restrict it from taking
advantage of opportunities to strategically enhance its business or improve
its capital structure; delays or reductions in purchases from Global Crossing
by customers because of their perceived uncertainty about its ability to meet
their needs after closing of the acquisition; disruptions in Global
Crossing's business due to current and prospective employees experiencing
uncertainty about their future roles with the company and the diversion of
their time and attention from ongoing business operations; Global Crossing's
history of substantial operating losses and the fact that, in the near term,
funds from operations will not satisfy cash requirements; the availability of
future borrowings in an amount sufficient to pay Global Crossing's
indebtedness and to fund its other liquidity needs; legal and contractual
restrictions on the inter-company transfer of funds by Global Crossing's
subsidiaries; Global Crossing's ability to continue to connect its network to
incumbent carriers' networks or maintain Internet peering arrangements on
favorable terms; the consequences of any inadvertent violation of Global
Crossing's Network Security Agreement with the U.S. Government; increased
competition and pricing pressures resulting from technology advances and
regulatory changes; competitive disadvantages relative to competitors with
superior resources; political, legal and other risks due to Global Crossing's
substantial international operations; risks associated with movements in
foreign currency exchange rates; risks related to restrictions on the
conversion of the Venezuelan bolivar into U.S. dollars and to the resultant
buildup of a material excess bolivar cash balance, which is carried on Global
Crossing's books at the official exchange rate, attributing to the bolivar a
value that is significantly greater than the value that would prevail on an
open market; potential weaknesses in internal controls of acquired
businesses, and difficulties in integrating internal controls of those
businesses with Global Crossing's own internal controls; exposure to
contingent liabilities; and other risks referenced from time to time in
Global Crossing's filings with the Securities and Exchange Commission. Global
Crossing undertakes no duty to update information contained in this press
release or in other public disclosures at any time.

    CONTACT GLOBAL CROSSING:
    Press Contact
    Michael Schneider
    +1-973-937-0146
    michael.schneider@globalcrossing.com

    Analysts/Investors Contact
    Mark Gottlieb
    +1-800-836-0342
    glbc@globalcrossing.com

IR/PR1

.

YOUR VIEW POINT
NAME : (REQUIRED)
MAIL : (REQUIRED)
will not be displayed
WEBSITE : (OPTIONAL)
YOUR
COMMENT :