Global Crossing Completes $404 Million Secured Debt Financing

Global Crossing (www.globalcrossing.com) announced today the completion of a debt financing by the company's wholly owned subsidiary, Global Crossing (UK) Finance Plc ("GCUK Finance").

The approximately $404 million financing consists of $200 million of 10.75-percent U.S. dollar-denominated senior secured notes due in 2014 and £105 million of 11.75-percent British pounds sterling-denominated senior secured notes due in 2014.

"The debt financing, together with the North American accounts receivable facility that we anticipate putting in place in the first quarter of 2005 and previously announced recapitalization steps, is expected to result in our business plan being fully funded," commented John Legere, Global Crossing's chief executive officer.

In the first quarter of 2005, the company anticipates entering into a $50 million to $100 million working capital facility secured primarily by North American accounts receivable.

The GCUK Finance senior notes have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the GCUK Finance senior notes in the United States or elsewhere, nor will there be any sale of these securities in any jurisdiction where such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.