Global Crossing Prices Private Offering of $150 Million of its 9% Senior Unsecured Notes Due 2019

FLORHAM PARK, N.J., Nov. 10, 2010 /PRNewswire/ -- Global Crossing Limited (Nasdaq: GLBC) announced today the pricing of a private placement of $150 million in aggregate principal amount of its 9% senior unsecured notes due 2019 at an issue price of 100%.  The senior unsecured notes will be sold to qualified institutional buyers in accordance with Rule 144A and Regulation S under the Securities Act of 1933, as amended (the "Securities Act").  The offering is expected to settle on November 16, 2010, subject to customary closing conditions.  Global Crossing intends to use the proceeds of the offering to refinance its 5% convertible senior notes due 2011 and to pay related premium, fees and expenses.

The senior notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

This press release, issued pursuant to Rule 135c under the Securities Act, shall not constitute an offer to sell or the solicitation of an offer to buy the senior notes, nor shall there be any sale of the senior notes in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

Statements in this press release about expected future events are forward-looking and subject to risks and uncertainties that could cause the actual results to differ materially, including risks referenced from time to time in the Company's filings with the Securities and Exchange Commission.  Global Crossing undertakes no duty to update information contained in this press release or in other public disclosures at any time.

CONTACT GLOBAL CROSSING:

IR/PR1

SOURCE Global Crossing Limited

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