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Global Crossing to Offer $1 Billion of Senior Notes Due 2007

Global Crossing Holdings

, a unit of

Global Crossing


, plans to privately sell $1 billion of senior notes on Jan. 29, depending on market conditions.

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The notes will be due in August 2007. The company, which is based in Hamilton, Bermuda, will use the net proceeds from the offering to finance existing loans and reduce the company's overall cost of borrowing.

Near the end of the trading day on the

New York Stock Exchange

, Global Crossing was down $1.31, or 5.3%, to $23.56.