Global Crossing Completes $404 Million Secured Debt Financing

Global Crossing Ltd. today said it has completed debt financing by the company's wholly owned subsidiary, Britain-based Global Crossing Finance Plc (GCUK Finance). The financing – part of the carrier’s promised recapitalization plan – totals approximately $404 million.

"The debt financing, together with the North American accounts receivable facility that we anticipate putting in place in the first quarter of 2005 and previously announced recapitalization steps, is expected to result in our business plan being fully funded," says John Legere, Global Crossing's CEO.

Global Crossing says the net proceeds from the GCUK Finance debt financing, together with working capital facility, are expected to meet the carrier’s long-term financing needs, until the company reaches cash flow breakeven.

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