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

To: Theophile who wrote (12063)	6/19/2001 8:44:14 PM
From: A.L. Reagan	Read Replies (2) \| Respond to of 15615

Citizens Communications Plans Public Offering Stamford, Conn., June 1, 2001-- Citizens Communications (NYSE:CZN) announced today that it plans two concurrent public offerings of equity securities. One offering will consist of 17.5 million shares of the Company's common stock. The second offering will be $400 million of equity units. Each equity unit will initially consist of a senior note of the Company and a purchase contract for the Company's common stock. The price for the common stock under the purchase contract will be based upon the average trading price of the stock at the time the contract is exercised. The joint book running managers for both of the offerings will be J.P. Morgan and Morgan Stanley Dean Witter. The joint lead managers of the offerings are Bank of America Securities LLC and Salomon Smith Barney. The offering will be made under the Company's existing shelf registration statement. The Company expects to issue the securities in mid-June. About Citizens Communications Citizens Communications serves 1.4 million access lines in 17 states and is acquiring an additional 1.7 million access lines. Citizens owns 85 percent of Electric Lightwave, Inc. (NASDAQ:ELIX), a facilities-based, integrated communications provider that offers a broad range of services to telecommunications-intensive businesses throughout the United States. More information about Citizens can be found at www.czn.net. ------------------------------------------ Martin, I was commenting that the yields for Williams are 2x those for GX, i.e. WCG debt yielding around 36% (hard core junk) versus GX @ around 18% (soft core junk). S.B. Back to Citizens, I've got myself all worked up in a lather that nobody wants to buy their public offering (it is a bit past mid-June, no?), the underwriters have bailed, and the "smart money" is ergo dumping GX. Can I sue SSB if this is the case, as they are co-lead for CZN offering and Grubman is still doing somersaults for GX? (I see I'm not the only WCOM victim to wash up on these shores.)