GCUC - Global Crossing (UK) Telecommunications Limited – has announced an offering of 11.75 percent Senior Secured Notes, for a period of one week. The Notes, priced at 109.25 percent of par value, are expected to raise gross proceeds of 56.8 million pounds sterling. The proceeds would be used to acquire Fibernet Group Limited and its subsidiaries.

Fibernet has transferred its German operations to Global Crossing International Ltd., a wholly owned subsidiary of Global Crossing Limited, prior to acquisition by GCUC. Fibernet and its subsidiaries, following the acquisition by GCUC, will guarantee the Notes and all other obligations under the Indenture.

The Notes - 11.75 percent Senior Secured Notes due 2014 – were sold under Rule 144A to qualified institutional buyers in the United States only, and under Regulation S to qualified non-US investors outside the United States. The Notes are not registered under the U.S. Securities Act of 1933, or any other applicable securities law.