Global Crossing unit gets no takers in excess cash offer to buy notes

By Susanna Moon

Chicago, June 9 - Global Crossing (UK) Finance plc received no tenders in the offer to purchase up to £11 million principal amount of its 10¾% dollar-denominated senior secured notes due in 2014 and its 11¾% pound-denominated senior secured notes due in 2014, according to an earnings release for the first quarter by Global Crossing Ltd.

The offer expired at 11 a.m. ET on May 26. It began on April 26.

The company offered to pay par plus accrued interest due on the purchase date, or up to a total of £11,144,000.

The notes are guaranteed by Global Crossing (UK) Telecommunications Ltd., the issuer's immediate parent and the principal U.K. operating subsidiary of Global Crossing.

Under the note terms, the company is required to make an offer to purchase the maximum principal amount of the senior secured notes using half of its excess operating cash flow for the period from Dec. 23, 2004 to Dec. 31, 2005 and for each 12-month period thereafter.

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

The issuer is a wholly owned subsidiary of Global Crossing, a telecommunications services provider based in Hamilton, Bermuda.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.