Global Crossing Prices $750 Million Private Placement
September 14, 2009 — Global Crossing Ltd
has priced a private placement of $750 million of its 12% senior secured notes due 2015 at an issue price of 97.944%.
The transaction was increased by $100 million above the amount previously agreed to. The offering is schedule to settle on September 22, 2009.
Global Crossing plans to use the proceeds of 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 provide capital for general corporate purposes via the private placement.
Florham Prk, New Jersey-based Global Crossing is an IP solutions provider with an integrated global IP-based network. The company serves corporations as well as carriers, mobile operators and ISPs.
Global Crossing delivers services to nearly 700 cities in more than 60 countries. GC Impsat and its subsidiaries comprise part of Global Crossing’s business, with a principal focus on operations in Central and South America.
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