Global Crossing Announces Excess Cash Offer for Senior Secured Notes

Global Crossing Finance plc, a wholly owned subsidiary of Global Crossing GLBC, announced today that it has begun an excess cash offer with respect to its senior secured notes. In accordance with the indenture governing its notes, GCUK Finance will offer to purchase for cash up to 11.144 million British pounds sterling in aggregate principal amount, including accrued interest, of its 10.75 percent U.S. dollar-denominated senior secured notes due in 2014 and its 11.75 percent British pound sterling-denominated senior secured notes due in 2014. The notes are guaranteed by Global Crossing Telecommunications Limited, GCUK Finance's immediate parent and the principal UK operating subsidiary of Global Crossing.