underwriters have exercised in full their right to purchase an additional 3.15 million shares of Global Crossing stock at $19 a share.

The underwriters, Salomon Smith Barney and Merrill Lynch, were granted the over-allotment option by Global Crossing.

The company completed its $399-million initial public offering of 21 million shares on August 14. The exercised over-alottment brings the total shares sold to 24.15 million.

Proceeds will be used primarily to make investments in the company's global undersea fibre-optic network.