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EXHIBIT 99.1
[GLOBAL MARINE LETTERHEAD]
NEWS RELEASE
GLOBAL MARINE ANNOUNCES PRICING OF ZERO COUPON CONVERTIBLE DEBENTURES
HOUSTON, June 20, 2000 -- Global Marine Inc. (NYSE:GLM) today announced that it
priced a private placement of 20-year zero coupon convertible debentures at a
41% conversion premium to yesterday's closing price for the company's common
stock on the New York Stock Exchange of $29 a share. The debentures are
convertible into shares of Global Marine common stock at a fixed conversion rate
of 12.22 shares per debenture.
At closing, the debentures will be issued at a price of $499.60 per debenture,
which represents a yield to maturity of 3.5% per annum to reach an accreted
value at maturity of $1,000 per debenture. Global Marine has the right to redeem
the debentures after five years for a price equal to the issuance price plus
accrued original issue discount through the date of redemption. Holders have the
right to require Global Marine to repurchase the debentures on the fifth, tenth
and fifteenth anniversaries of issuance at the accreted value through the date
of repurchase. Global Marine may pay the repurchase price with either cash or
shares of Global Marine common stock or a combination of cash and shares of
common stock.
The transaction is expected to result in net proceeds to Global Marine of
approximately $293.0 million, which the company intends to use for repayment of
commercial paper with a weighted average interest cost of 6.9% and for general
corporate purposes. Closing of the transaction is scheduled for June 23, 2000,
subject to satisfaction of customary closing conditions.
These securities have not been registered under the Securities Act of 1933 and
may not be offered or sold in the United States absent registration or an
applicable exemption from registration requirements.
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