News of the purchase emerged last when the company applied to the Development Applications Board to relocate an existing Belco sub-station to a new underground site on the Philips House/ Gibbons Company Building site between Reid and Church streets.

The existing sub-station is behind Philips House. Terms of the sale were not disclosed.

Belco spokesperson Robin McPhee said the sub-station was more of a distribution vault which could serve a whole parish.

"It feeds Burnaby Street north and south, including the Spot Restaurant, the Toddings Building, Imperial Hotel, Philips House and the new Lines Overseas Management.'' GLOBAL CROSSING IPO BUC Global Crossing IPO NEW YORK (Bloomberg) -- Global Crossing Ltd. and 16 other companies plan to raise about $1.32 billion next week through initial stock sales.

Global Crossing, which is laying fiber-optic cables under the Atlantic and Pacific oceans, plans to raise $378 million.

Venton Holdings sold NEW YORK (Bloomberg) -- Alleghany Corp. said it agreed to buy Bermuda-based Venton Holdings Ltd. for $313 million in cash and debt, broadening the range of insurance it sells.

New York-based Alleghany will pay $190 million in cash and take on $123 million in letter-of-credit debt to acquire Venton.

Venton's gross premiums and commissions are expected to total about $583 million this year.

It is now owned by Trident Partnership L.P., Risk Capital Reinsurance Co. and X.L. Insurance Company Ltd.