its subsidiary TeleBermuda International, announced yesterday that the US Securities and Exchange Commission has declared effective its exchange offer registration statement. The offer is to exchange $1,000 principal amounts of its 13 percent Series B Senior Notes due 2007 for each $1,000 principal amounts of its issued and outstanding 13 percent Notes that are properly tendered in the exchange offer and not withdrawn prior to expiration. The offer expires 5 p.m. New York time on March 6. GlobeNet, whose headquarters are at Southside, added that it is expanding its network by laying a 22,500-kilometre fibre optic ring to connect North and South America. The first leg is set for operation in September.