Global Crossing buys back £104,863 11¾% notes, $194,276 10¾% notes

By Angela McDaniels

Tacoma, Wash., May 18 - Global Crossing Ltd. subsidiary Global Crossing (UK) Finance plc received tenders for £104,863 of its 11¾% sterling-denominated senior secured notes due 2014 and $194,276 of its 10¾% dollar-denominated senior secured notes due 2014 during an excess cash offer that expired on May 11.

The figures include principal and accrued interest, according to a company news release.

The notes were purchased at par plus accrued interest.

The company offered to purchase up to £12,593,000 of the notes, including accrued interest. The offer began April 6.

The issuer was required to make the offer to purchase the maximum principal amount of the notes possible using 50% of Global Crossing (UK) Telecommunications Ltd.'s excess operating cash flow for the year ended Dec. 31.

The principal amount of 11¾% notes that remains outstanding is £152,426,000, according to a separate news release.

Bank of New York and Bank of New York Mellon Corp. were the tender agents for the sterling and dollar notes, respectively, and BNY Financial Services plc was the Irish tender agent.

Global Crossing provides telecommunication services over an internet protocol-based network and is based in Hamilton, Bermuda.

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