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Global Crossing Announces Extension of Exchange Offer on Sterling-Denominated Senior Secured Notes
London - September 10, 2007 -- Global Crossing (UK) Finance plc ("GCUK Finance") today announced the extension of its offer launched on August 10, 2007 to exchange £52 million of its 11.75 percent Sterling-denominated senior secured notes due in 2014 and issued on December 28, 2006, for an equivalent amount of newly-issued 11.75 percent Sterling-denominated senior secured notes due in 2014 that have been registered under the Securities Act of 1933, as amended.
Under the indenture governing the 11.75 percent Sterling-denominated senior secured notes due in 2014, GCUK Finance must furnish certain financial information for the quarter ended June 30, 2007 to holders of its notes on or before September 13, 2007. In anticipation of making this information available, which GCUK Finance expects to do on September 13, 2007, the company has decided to extend the offer in order to provide such information to holders of the notes. Any such information will be provided pursuant to a prospectus supplement ("Prospectus Supplement").
Pursuant to this press release, GCUK Finance is hereby extending the exchange offer from its initial expiration time of 5:00 p.m. BST on September 10, 2007 until 9:00 a.m. BST on September 21, 2007.
The Prospectus Supplement will be delivered by the exchange agent, The Bank of New York, to the holders of the notes. The Prospectus Supplement will also be available on the Web site of GCUK Finance at investors.globalcrossing.com/sec.cfm. Holders with any questions may contact Peter Howard or Daniel Giles at The Bank of New York at + 44 20 7964 6873 / 2536 or by e-mail at eventsadmin@bankofny.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to purchase. No sale of these securities shall occur in any jurisdiction on which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of said jurisdiction.
ABOUT GLOBAL CROSSING
Global Crossing (NASDAQ: GLBC) provides telecommunications solutions over the world's first integrated global IP-based network. Its core network connects more than 320 cities in 31 countries worldwide, and delivers services to more than 600 cities in 60 countries and 6 continents around the globe. The company's global sales and support model matches the network footprint and, like the network, delivers a consistent customer experience worldwide.
Global Crossing IP services are global in scale, linking the world's enterprises, governments and carriers with customers, employees and partners worldwide in a secure environment that is ideally suited for IP-based business applications, allowing e-commerce to thrive. The company offers a full range of data, voice and security products to approximately 40 percent of the Fortune 500, as well as 700 carriers, mobile operators and ISPs. Its Professional Services and Managed Solutions provide VoIP, security and network consulting and management services to support its Global Crossing IP VPN service and Global Crossing VoIP services. Global Crossing was the first -- and remains the only -- global communications provider with IPv6 natively deployed in both its private and public backbone networks.
Please visit www.globalcrossing.com or blogs.globalcrossing.com for more information about Global Crossing.
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Statements in this press release about expected future events and financial results are forward-looking and subject to risks and uncertainties that could cause the actual results to differ materially, including risks referenced from time to time in the company'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 Contacts
Becky Yeamans
+ 1 973 937 0155
PR@globalcrossing.com
Analysts/Investors Contacts
Gino Mathew
+ 1 973 937 0133
glbc@globalcrossing.com
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