Global Crossing in First Post-Bankruptcy Public Offerings

Cleary Gottlieb advised the underwriters, Goldman, Sachs & Co. and Morgan Stanley & Co. Incorporated, in a public offering by Global Crossing Limited of 12 million shares of common stock and $143.75 million of convertible notes due 2011. The offerings were Global Crossing’s first public offerings since the company emerged from bankruptcy in 2003.

One relatively unusual feature of Global Crossing’s new convertible notes is that they are secured. Global Crossing has pledged a portfolio of U.S. treasury securities to provide for payment of the first six scheduled interest payments under the notes.

Global Crossing provides telecommunications solutions over the world’s first integrated global IP-based network. Its core network connects more than 300 cities in 28 countries worldwide, and delivers services to more than 600 cities in 60 countries and 6 continents around the globe.