fibre optic telecommunications network provider and the No. 5 US long distance company, yesterday said it priced $2.419 billion in common and convertible preferred shares, a decrease from the $3.25 billion it had planned to raise.

The company priced offerings of 43 million shares of common stock totalling $1.419 billion, and four million shares of cumulative convertible preferred stock totaling $1.0 billion.

The shares of common stock were priced at $33 each.

The company said it sold more than half of the shares, while existing shareholders sold the remainder. The convertible preferred shares, which mature April 15, 2012, carry a liquidation preference of $250 par value per share. That means that an investor still holding the stock on that date will receive $250 per share.

The convertible preferred shares carry a 6.75 percent coupon, and are convertible into Global Crossing common stock at $39.60 a share, a 19.8 percent premium over the stock's Monday closing price on Nasdaq of 33-1/16.

Goldman Sachs & Co., Merrill Lynch & Co. and Salomon Smith Barney led the offerings.

On March 31 Global Crossing had said it planned to sell $1.25 billion of common stock and $750 million of convertible stock, and that current shareholders intended to sell $1.25 billion of common stock. The company was not immediately available for comment.

The company said March 31 it would use sale proceeds to expand products and services on the Global Crossing Network.

At the time, it said the proceeds, together with proceeds from equity and debt financings to be completed this year by its Asian joint ventures and other units and affiliates, would fully fund Global Crossing's expected business expansion activities this year.