its global network, the company has revealed that it is in the process of completing its offering of $1 billion aggregate of 6.375 percent preferred, cumulative, convertible stock.

The preference shares will be convertible into common stock of Global Crossing, based upon a conversion price of $45 per share.

The net proceeds from the offering are anticipated to be $970 million, excluding any exercise of the over-allotment option. The money will be used by Global Crossing primarily to fund further investments in fibre-optic cable and telecommunications systems and equipment.