a stock sell off, the company announced on Friday.

The money was raised by selling cumulative convertible preferred stock to underwriters who exercised in full their over-allotment option to purchase an additional 600,000 shares at the offering price of $250 per share, less underwriting discounts.

The transaction was completed May 9, 2000. After giving effect to the sale of the over-allotment shares, a total of 4,600,000 shares of cumulative convertible preferred stock were sold in the offering.

Each share of cumulative convertible preferred stock bears a dividend rate of 6-3 percent per annum, has a liquidation preference of $250 a share and is convertible into Global Crossing common stock at an effective price of $39.60.

The joint book-running managers for the offering were Salomon Smith Barney and Goldman, Sachs & Co. Merrill Lynch & Co. acted as joint lead manager for the offering.