| IPO Company Profile |
| Current Quote | News | SEC Filings | Peer IPO Companies | Company's Home Page |
| Global Crossing Ltd. |
| 45 Reid Street, Hamilton, Bermuda HM12 * 4412968600 |
| The company is the world's first independent provider of global long distance telecommunications facilities and services utilizing a network of undersea digital fiber optic cable systems and associated terrestrial backhaul capacity. |
| Manager | Tier | Phone |
| Salomon Smith Barney | Lead Manager | (212) 723-7300 |
| CIBC Oppenheimer & Company | Co-manager | (212) 667-7400 |
| Deutsche Bank Securities | Co-manager | (212) 469-5600 |
| Goldman, Sachs & Co. | Co-manager | (212) 902-5959 |
| Merrill Lynch & Co. | Co-manager | (212) 449-4600 |
| Morgan Stanley Dean Witter Discover & Co. | Co-manager | (212) 761-5900 |
| NASNTL: | GBLX | Service: | SIC 4813 | |
| Type of Shares: | Common Shares | Filing Date: | 5/22/98 | |
| U.S. Shares: | 16,800,000 | Offer Date: | 8/13/98 | |
| Non-U.S. Shares: | 4,200,000 | Filing Range: | $17.00 - $19.00 | |
| Primary Shares: | 18,950,000 | Offer Price: | $19.00 | |
| Secondary Shares: | 2,050,000 | Gross Spread: | ||
| Offering Amount: | $378,000,000 | Selling: | ||
| Expenses: | $2,400,000 | Reallowance: | ||
| Post-IPO Shares: | - | |||
| Employees: | 46 |
| Issuer's Law Firm: | Simpson, Thacher & Bartlett |
| Bank's Law Firm: | Latham & Watkins |
| Auditor: | Arthur Andersen |
Dollar amounts in U.S. millions except for per share data | |||||
| 3 Month Ending Financials | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/97 | 3/31/98 | 3/31/98 | |||
| Revenue: | $2.94 | $0.35 | Assets: | $701.56 | |
| Net Income: | -$0.16 | -$10.13 | Curr Assets: | $54.68 | |
| EPS: | Liabilities: | $606.56 | |||
| Prior EPS: | $1.25 | Curr Liab: | |||
| Cash Flow/Oper: | $5.42 | $129.46 | Equity: | $95.01 | |
| Cash Flow/Fin: | $425.07 | -$129.43 | Cash: | $1.45 | |
| Cash Flow/Inv: | -$429.04 | -$129.43 | |||
| Competition |
| The international telecommunications industry is highly competitive. The Company faces competition from existing and planned systems along each of its planned routes and from satellite providers, including existing geosynchronous satellites and low-earth orbit systems now under construction. On certain routes, terrestrial cable systems may also compete with the Global Crossing Network. The Company competes primarily on the basis of price, availability, transmission quality and reliability, customer service and the location of its systems. Traditionally, carriers have made substantial long term investments in ownership of cable capacity, making lower price and superior service less determinative in convincing such carriers to acquire additional capacity on the Company's systems than is the case in industries without such long term relationships. Accordingly, there can be no assurance that the Company will be able to compete successfully against systems to which prospective customers have made long term commitments. |
| Business Plan |
| Global Crossing's mission is to create an integrated global network through ownership of a portfolio of undersea fiber optic systems, combined with associated terrestrial backhaul capacity, which will offer its customers the highest quality city-to-city connectivity at competitive prices. The principal elements of the Company's business strategy include: (I) Create a Worldwide Network, (ii) Maintain Position as a Leading Wholesale Service Provider, (iii) Utilize State-of-the-Art Technology, (iv) Maintain Position as Low-Cost Provider, (v) Provide "One-Stop" Sales and Service and (vi) Leverage Extensive Management Experience. |
| Use of Proceeds |
| The proceeds from the proposed offering will be applied to make investments in certain of the company's cable systems under development and for general corporate purposes. |