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Global Crossing plans offer for £7.4 million secured notes due 2014
By Jennifer Chiou
New York, April 15 - Global Crossing (UK) Telecommunications Ltd. anticipates offering to purchase £7.4 million of its senior secured notes due 2014 at par, according to a 20-F filing with the Securities and Exchange Commission.
The company said that it is required to make the offer within 120 days of Dec. 31, and the related purchases must be completed within 150 days after year-end 2008.
Global Crossing will use 50% of the operating cash flow for that year to fund the offer.
The London-based telecom company said it had £286.9 million of the notes outstanding as of Dec. 31.
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