XO Buys $790 Million of Global’s Debt
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Carl Icahn’s XO Communications Inc., a telecommunications company, said it now owns about $790 million of Global Crossing Ltd. bank debt as part of a plan to acquire the fiber-optic network operator.
XO, based in Reston, Va., said it bought $495 million of the $2.21 billion in outstanding loans in a tender offer, adding to the $294 million it already owned. The company said it paid 22 cents on the dollar in the tender offer.
XO’s takeover proposal, which Icahn values at almost $900 million, rivals a separate offer from Singapore Technologies Telemedia for a 61.5% share of Global Crossing.
Global Crossing and its bondholders have agreed to sell to ST Telemedia and are seeking U.S. government approval of the transaction.
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