MCLEAN, Va., April 6 (Reuters) - Global TeleSystems Group Inc. said
Tuesday it plans to offer up to US$300 million in depositary shares,
each representing 1/100 of a new series of cumulative convertible
preferred stock.

The company said in a statement each depositary share will have a
liquidation preference of $50 per share.

Proceeds from the offering would be used for general corporate
purposes, including business development.

The depositary shares will be sold pursuant to exemptions from
registration, will not be registered under the Securities Act.

Global TeleSystems Group is an independent owner and operator of
telecommunications companies throughout Europe.