Monday November 5, 8:52 am Eastern Time
Press Release
SOURCE: Global Crossing
Global Crossing Holdings Ltd. Declares Dividend on Its Senior Exchangeable Preferred Stock
HAMILTON, Bermuda--(BUSINESS WIRE)--Nov. 5, 2001--Global Crossing Holdings Ltd., a subsidiary of Global Crossing Ltd. (NYSE:GX - news), today announced that its Board of Directors has declared a dividend, payable in kind, on its Senior Exchangeable Preferred Stock due 2008. A distribution of 0.0525 shares of Senior Exchangeable Preferred Stock is payable on December 1, 2001 for each share of such preferred stock held of record on November 15, 2001.
By paying this dividend in kind rather than with cash, the company gains additional financial flexibility at a cost of capital that is significantly lower than that implicit in the current yield of the preferred stock.
About Global Crossing
Global Crossing Ltd. (NYSE:GX - news) provides telecommunications solutions over the world's first integrated global IP-based network, which reaches 27 countries and more than 200 major cities around the globe. Global Crossing serves many of the world's largest corporations, providing a full range of managed data and voice products and services. Global Crossing operates throughout the Americas and Europe, and provides services in Asia through its subsidiary, Asia Global Crossing (NYSE: AX - news). Please visit www.globalcrossing.com or www.asiaglobalcrossing.com for more information.
Statements made in this press release that state the Company's or management's intentions, beliefs, expectations, or predictions for the future are forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company's actual results to differ materially from those projected in such forward-looking statements. These risks, assumptions and uncertainties include: the ability to complete systems within currently estimated time frames and budgets; the ability to compete effectively in a rapidly evolving and price competitive marketplace; possible reductions in demand for our products and services due to competition or changes in industry conditions; changes in the nature of telecommunications regulation in the United States and other countries; changes in business strategy; the successful integration of newly-acquired businesses; the impact of technological change; and other risks referenced from time to time in the Company's filings with the Securities and Exchange Commission.
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