SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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SCHEDULE 13G/A
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULES 13d-1(b)(c), AND (d) AND AMENDMENTS THERETO FILED
PURSUANT TO RULE 13d-2(b)
(Amendment No. 2)*
Global Crossing Ltd.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
G3921A100
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(CUSIP Number)
February 15, 2000
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(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
[ ] Rule 13d-1(b)
[ ] Rule 13d-1(c)
|X| Rule 13d-1(d)
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* The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
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CUSIP No. G3921A100 13G Page 2 of 5 Pages
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1. NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Canadian Imperial Bank of Commerce
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
3. SEC USE ONLY
4. CITIZENSHIP OR PLACE OF ORGANIZATION
Canada
NUMBER OF 5. SOLE VOTING POWER 0
SHARES
BENEFICIALLY 6. SHARED VOTING POWER 75,537,827
OWNED BY
EACH 7. SOLE DISPOSITIVE POWER 0
REPORTING
PERSON WITH 8. SHARED DISPOSITIVE POWER 75,537,827
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
75,537,827
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* [ ]
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
9.7%
12. TYPE OF REPORTING PERSON*
CO
*SEE INSTRUCTIONS BEFORE FILLING OUT!
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Page 3 of 5 Pages
AMENDMENT NO. 2 TO SCHEDULE 13G
This Amendment No. 2 to the Schedule 13G filed on February 16, 1999
(the "Schedule 13G") is on behalf of Canadian Imperial Bank of Commerce, a bank
organized under the Bank Act of Canada. The disclosure set forth in Items 4 and
6 in the Schedule 13G is hereby amended and restated in its entirety in the
manner set forth herein. The disclosure set forth in Items 1,2,3,5,7,8,9 and 10
of the Schedule 13G remains unchanged and is only restated herein.
Item 1.
(a) Name of Issuer: Global Crossing Ltd. (the "Company")
(b) Address of Issuer's Principal Executive Offices: 110 East 59th
Street, New York, New York 10022
Item 2.
(a) Name of Person Filing: This Statement on Schedule 13G is
being filed by Canadian Imperial Bank of Commerce ("CIBC").
(b) Address of Principal Business Office: The principal business
address of CIBC is Commerce Court, Toronto, Canada M5L 1A2.
(c) Citizenship: CIBC is a bank organized under the Bank Act of
Canada.
(d) Title of Class of Securities: Common Stock
(e) CUSIP Number: G3921A100
Item 3. If This Statement is Filed Pursuant to Rule 13d-1(b), or 13d-2(b)
or (c), Check Whether the Person Filing is a:
(a) [ ] Broker or dealer registered under Section 15 of the Exchange Act;
(b) [ ] Bank as defined in Section 3(a)(6) of the Exchange Act;
(c) [ ] Insurance company as defined in Section 3(a)(19) of the Exchange
Act;
(d) [ ] Investment company registered under Section 8 of the Investment
Company Act;
(e) [ ] An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E);
(f) [ ] An employee benefit plan or endowment fund in accordance with
Rule 13d-1(b)(1)(ii)(G);
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Page 4 of 5 Pages
(g) [ ] A parent holding company or control person in accordance with
Rule 13d-1(b)(1)(ii)(G);
(h) [ ] A savings association as defined in Section 3(b) of the Federal
Deposit Insurance Act;
(i) [ ] A church plan that is excluded from the definition of an
investment company under Section 3(c)(14) of the Investment
Company Act;
(j) [ ] Group, in accordance with Rule 13d-1(b)(I)(ii)(J);
If this statement is filed pursuant to Rule 13d-1(c), check this box. [ ]
Item 4. Ownership.
On February 15, 2000, CIBC WG Argosy Merchant Fund 3, L.P., the direct
beneficial holder of 15,656,351 of the 88,438,623 shares of Common
Stcok beneficially owned by CIBC at that time, distributed 12,900,796
shares of Common Stock to its limited partners. Upon such distribution,
such shares were no longer deemed beneficially owned by CIBC.
After giving effect to such distribution, CIBC may be deemed to
beneficially own 75,537,827 shares of the Company's Common Stock, par
value $.01 per share (the "Common Stock"), which are directly held by
subsidiaries and affiliates of CIBC. CIBC may be deemed to share the
voting and dispositive power with respect to such Common Stock. See
Item 6. Jay R. Bloom and Dean C. Kehler, directors of the Company,
share voting and dispositive power with respect to 11,453,529 shares of
the Common Stock held by certain affilaites of CIBC and may be deemed
to beneficially own such shares, though each disclaims such beneficial
ownership except to the extent of their pecuniary interest in such
Common Stock.
(a) Amount Beneficially Owned: 75,537,827 shares of Common Stock.
(b) Percent of Class: 9.7% (based on 780,557,017 shares of Common
Stock reported outstanding as of March 3, 2000).
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote: 0
(ii) shared power to vote or to direct the vote: 75,537,827
(iii) sole power to dispose or to direct the disposition of: 0
(iv) shared power to dispose or to direct the disposition of:
75,537,827
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Page 5 of 5 Pages
Item 5. Ownership of Five Percent or Less of a Class.
Not applicable.
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
As noted above, CIBC may be deemed to have direct or indirect voting
and/or investment discretion over 75,537,827 shares of the Company's
Common Stock which are held for the benefit of subsidiaries and
affiliates of CIBC. Such subsidiaries and affiliates have the right to
receive dividends as well as the proceeds from the sale of the Common
Stock. The interests of each of such persons and entities (other than
Global Crossing Ltd. LDC, a wholly-owned subsidiary of CIBC), taken
individually, do not exceed more than five percent of the class of
Common Stock.
Item 7. Identification and Classification of the Subsidiary Which Acquired the
Security Being Reported on By the Parent Holding Company.
Not applicable.
Item 8. Identification and Classification of Members of the Group.
Not applicable.
Item 9. Notice of Dissolution of Group.
Not applicable.
Item 10. Certifications.
Not applicable.
SIGNATURE
After reasonable inquiry and to the best of its knowledge and belief,
the undersigned certifies that the information set forth in this statement is
true, complete and correct.
Date: March 10, 2000
CANADIAN IMPERIAL BANK OF COMMERCE
By: /s/ Christopher Greene
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Name: Christopher Greene
Title: Vice President
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