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Filed by Global Crossing Ltd. pursuant to
Rule 425 under the Securities Act of 1933
Subject Company: Global Crossing Ltd.
Commission File No. 000-24565
Global Crossing Announces Plan To Create GlobalCenter Tracking Stock
HAMILTON, Bermuda--(BUSINESS WIRE)--March 2, 2000--Global
Crossing Ltd. (Nasdaq:GBLX) today announced plans to create a new class of
Global Crossing common stock that would track the performance of the complex web
hosting business operated by its wholly owned subsidiary, GlobalCenter Inc.
Global Crossing also announced its intention to make an
initial public offering of shares of the new GlobalCenter tracking stock and to
file a registration statement under the U.S. Securities Act of 1933, as amended,
in respect of the proposed offering.
Global Crossing intends to use the net proceeds from the
offering primarily to make additional capital investments in its GlobalCenter
operations and for general corporate purposes.
Global Crossing anticipates that the offering, which is
subject to the approval of the company's shareholders, will be completed this
summer, subject to market conditions.
The offering will be made only by means of a prospectus
contained in such registration statement as filed with the U.S. Securities and
Exchange Commission.
CONTACT: Global Crossing Ltd.
Investor contacts:
Jerry Leshne, + 1 310 385 3838
[email protected]
Jensen Chow, +1 310 385 5283
[email protected]
Press contacts:
Kim Polan, + 1 212 687 8080
[email protected]
Tom Goff, + 1 310 385 5231
[email protected]
