Global Crossing Announces Close of Excess Cash Offer

By Prne, Gaea News Network
Monday, June 1, 2009

LONDON, May 17, 2010 - Global Crossing (UK) Finance plc ("GCUK Finance"), a wholly owned
subsidiary of Global Crossing (Nasdaq: GLBC), announced today that it has
completed the excess cash offer for its 11.75-percent Sterling-denominated
and 10.75-percent U.S. 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 12.593 million British pounds
sterling in aggregate principal amount, including accrued and unpaid
interest, 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 holders tendered bonds with principal and
accrued interest of 104,863.19 pounds and US$194,275.71. GCUK accepted the
offer at 4:00 p.m. BST on May 11, 2010.

Notes that were properly tendered and accepted for purchase in accordance
with the terms and conditions of the offer document were purchased at a cash
price equal to 100 percent of the outstanding principal amount of the notes
tendered, together with any accrued and unpaid interest outstanding on the
date of the purchase.

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

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, societe anonyme.

Global Crossing (UK) Telecommunications Ltd.

Global Crossing UK Telecommunications Ltd., the holding company of GCUK
Finance, provides a full range of managed telecommunications services in a
secure environment ideally suited for IP-based business applications. The
company provides managed voice, data, Internet and e-commerce solutions to a
strong and established commercial customer base, including more than 100 UK
government departments, as well as systems integrators, rail sector customers
and major corporate clients. In addition, Global Crossing UK provides carrier
services to national and international communications service providers.


Global Crossing (NASDAQ: GLBC) is a leading global IP and Ethernet
solutions provider with the world's first integrated global IP-based network.
The company offers a full range of data, voice and collaboration services
with an industry leading customer experience and delivers service to
approximately 40 percent of the Fortune 500, as well as to 700 carriers,
mobile operators and ISPs. It delivers converged IP services to more than 700
cities in more than 70 countries around the world.

Website Access to Company Information

Global Crossing maintains a corporate website at, and you can find additional information about
the company through the Investors pages on that website at 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 and 8-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.

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 impact on the business of current global economic conditions
and the tightening in global credit markets; increased competition and
pricing pressures resulting from technology advances and regulatory changes;
competitive disadvantages relative to competitors with superior resources;
the impact on the business of an economic downturn or recession; dependence
on a number of key personnel; the concentration of revenue in a limited
number of customers, and the rights of such customers to terminate their
contracts or to simply cease purchasing services thereunder; the influence of
the company's parent, and possible conflicts of interest of the parent or of
certain of GCUK's directors and officers; our ability to raise capital
through financing activities; exposure to contingent liabilities; and other
risks referenced from time to time in GCUK'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.

    Press Contact
    Michael Schneider

    Analysts/Investors Contact
    Mark Gottlieb


Press Contact, Michael Schneider, +1-973-937-0146, michael.schneider at, or Analysts/Investors Contact, Mark Gottlieb, +1-800-836-0342, glbc at, both of Global Crossing

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