<PAGE>
Rule 424(b)(3)
File No. 333-86461
GLOBENET COMMUNICATIONS GROUP LIMITED
SUPPLEMENT DATED MARCH 24, 2000
TO PROSPECTUS DATED FEBRUARY 1, 2000
This Supplement supplements the Prospectus dated February 1, 2000 issued by
GlobeNet Communications Group Limited ("GlobeNet") in connection with its
exchange offer relating to its issued and previously outstanding $300,000,000
principal amount of its 13% Senior Notes due 2007. The information contained in
this Supplement reflects a development that occurred after the date of the
Prospectus. Any information in the Prospectus that is inconsistent with the
information set forth herein is superseded by this Supplement.
On March 11, 2000, Worldwide Fiber, Inc. (which has since changed its name
to 360networks inc.) ("360networks") and GlobeNet entered into an Agreement and
Plan of Arrangement ("Agreement") pursuant to which 360networks will acquire
GlobeNet in exchange for Subordinate Voting Shares of 360networks. 360networks
offers broadband network services for telecommunications companies, Internet
service providers, application service providers and data-centric enterprises.
360networks is completing a technologically advanced 90,300-kilometer (56,100
mile) network, including a fiber optic terrestrial network in North America and
Europe and undersea cables linking North America and Europe. 360networks and its
predecessors have been developing communications networks since 1988.
The consummation of the transaction is subject to the fulfillment of a
number of conditions, including (a) approval by the shareholders of GlobeNet,
the Bermuda Supreme Court (pursuant to Article 99 of the Companies Act 1981 of
Bermuda) and certain regulatory authorities, (b) the compliance by GlobeNet and
360networks with their respective obligations under the Agreement, and (c) the
completion of an underwritten public offering of 360networks' Subordinate Voting
Shares.
360networks has announced that it plans to offer its Subordinate Voting
Shares to the public in an underwritten public offering in the second quarter of
2000. The actual proceeds to the shareholders of GlobeNet will be adjusted
based, in part, on the initial public offering share price of 360networks'
stock. The acquisition is subject to the approval by a majority in number
representing at least 75% in value of each of two classes of GlobeNet
shareholders present in person or by proxy, with each class voting separately.
Holders of more than 75% of each class of GlobeNet shares have irrevocably
committed, pursuant to a voting agreement with 360networks, to vote in favor of
the transaction. It is anticipated that the transaction will be completed in the
second half of this year. Additional information regarding this transaction
including information regarding the anticipated proceeds to our shareholders
will be detailed in a proxy statement that will be distributed to our
shareholders prior to soliciting their vote for approval of the transaction.
S-1
