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Press Release -- May 17th, 2010
Source: Global Crossing
Tags: Ethernet, Exchange

Global Crossing Announces Close of Excess Cash Offer

LONDON, May 17 /PRNewswire/ -- 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 $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 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, 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.

ABOUT GLOBAL CROSSING
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 http://www.globalcrossing.com/, and you can find additional information about the company through the Investors pages on that website at http://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 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.

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

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