Global Crossing raises $750 million in private placement of senior secured notes

Wed. September 23, 2009; Posted: 02:21 PM

Look up the PowerRating of GLBC and see how it has performed over the past week as well as the current proprietary PowerRating.

Sep 23, 2009 (Datamonitor Financial Deals Tracker via COMTEX) -- GLBC | Quote | Chart | News | PowerRating -- Global Crossing Limited, a Bermuda-based provider of communication services, has completed a private placement of $750 million in aggregate principal amount of its 12% senior secured notes due 2015.

Update on September 11, 2009:

Global Crossing has priced a private placement of $750 million in aggregate principal amount of its 12% senior secured notes due 2015 at an issue price of 97.94%.

The transaction was increased by $100 million above the amount previously announced. The senior secured notes will be sold to qualified institutional buyers. The offering is expected to settle on September 22, 2009.

Announcement (September 7, 2009):

Global Crossing is planning to raise $650 million through a private placement of senior secured notes due 2015.

Deal Value (US$ Million) 750
Deal Type                Private Placement
Sub-Category             None
Deal Status              Completed: 2009-09-22

Deal Participants

Target (Company)   Global Crossing Limited
Acquirer (Company) Undisclosed Investors

Deal Rationale

Global Crossing would use the proceeds from the offering to refinance its existing term loan facility, to fund the purchase of senior notes issued by GC Impsat Holdings I Plc, and to raise capital for general corporate purposes.

For full details on Global Crossing Ltd (GLBC) click here. Global Crossing Ltd (GLBC) has Short Term PowerRatings of 5. Details on Global Crossing Ltd (GLBC) Short Term PowerRatings is available at This Link.

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