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Technology Stocks : Global Crossing - GX (formerly GBLX) -- Ignore unavailable to you. Want to Upgrade?

To: jopawa who wrote (11909)	6/18/2001 10:11:51 AM
From: TechMkt	Read Replies (3) \| Respond to of 15615

GREAT NEWS. Fez ___________________ Monday June 18, 9:59 am Eastern Time Press Release Global Crossing Expects 2001 Tax Payments Will Be At Least $400 Million Below Previous Estimates Completes $250 Million Receivables Financing to Reduce Cost of Funds HAMILTON, Bermuda--(BUSINESS WIRE)--June 18, 2001--Global Crossing Ltd. (NYSE: GX - news), which provides integrated telecommunications solutions over the world's most extensive global IP-based fiber optic network, today announced lower projected 2001 tax payments of at least $400 million and an asset-backed receivables financing of $250 million, enhancing the Company's already strong cash position. Global Crossing had previously published cash flow forecasts that included tax payments by its North American operations of approximately $900 million, reflecting the impact of the sale of its incumbent local exchange (ILEC) telephone business, which is scheduled to close on June 29. The Company said today that taxes payable for 2001 by its North American operations are now projected to be less than $500 million, reflecting after tax proceeds from the ILEC sale in excess of $3 billion. The new tax projection reflects both the gain on sale of the ILEC business and operating losses expected to be incurred in North America. The receivables financing, which has been in preparation for a number of months, was completed on June 15, 2001. The $250 million facility will provide incremental liquidity at a cost significantly lower than that of existing bank facilities. Proceeds will be used to refinance existing bank debt.