Global Crossing (GLBC) raised $384 million in stock and note offerings.
The company sold 12 million shares at $20 apiece and $144 million worth of five-year convertible senior notes. The 5% notes were priced at par and have a conversion rate of 43.5161 shares of common stock per $1,000 principal amount of notes, subject to adjustment.
The underwriters have an option to buy up to an additional 1.8 million shares of the common stock at the public offering price.
Proceeds from the offerings will be used for general corporate purposes, which may include the acquisition of assets or businesses that are complementary to Global Crossing's existing business, as well as to purchase a portfolio of U.S. treasury securities to fund the first six interest payments on the notes offered and to pay fees and expenses related to the offerings.
On Tuesday, Global Crossing fell 28 cents to $20.39.