Convertibles Calendar

WEEK OF MAY 22

GLOBAL CROSSING LTD. (NASDAQ: GLBC): $125 million of five-year convertible senior notes, talked at an initial conversion premium of 20% to 25%; coupon range to be announced during marketing; to price week of May 22; first three years of interest payments will be collateralized by a portfolio of U.S. Treasury securities; greenshoe of $18.75 million; bookrunner is Goldman Sachs; registered deal; non-callable for 3 years; dividend and takeover protection; concurrent offering of 6.75 million shares; STT Crossing Ltd., a wholly owned unit of Global Crossing majority shareholder Singapore Technologies Telemedia Pte. Ltd., may take up to $25 million of the notes offered; Bermuda-headquartered provider of internet-based telecommunications solutions will use proceeds to fund general corporate purposes, which may include buying assets and businesses, and buy Treasury securities to secure interest payments.

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