Global Crossing Completes US$404 Million Secured Debt Financing.
PR Newswire Europe, December, 2004
FLORHAM PARK, New Jersey, December 23 /PRNewswire/ -- Global Crossing (Nasdaq: GLBC) announced today the completion of a debt financing by the company's wholly owned subsidiary, Global Crossing (UK) Finance Plc ("GCUK Finance"). The approximately US$404 million financing consists of US$200 million of 10.75-percent U.S. dollar-denominated senior secured notes due in 2014 and 105 million pounds of 11.75-percent British pounds sterling-denominated senior secured notes due in 2014. The notes are guaranteed by Global Crossing's principal operating subsidiary in the United Kingdom, Global Crossing (UK) Telecommunications Limited ("GCUK"), and are secured by certain of GCUK's assets. The notes were sold at a discount resulting in aggregate gross proceeds of approximately...
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