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Global Crossing watching for opportunities to refinance U.K. debt
By Jennifer Lanning Drey
Portland, Ore., Sept. 1 - Global Crossing Ltd. continues to look for opportunities to simplify its capital structure by refinancing subsidiary Global Crossing (UK) Telecommunications Ltd.'s debt, but the company has no near-term refinancing plans, John Kritzmacher, Global Crossing's chief financial officer, said Wednesday during a company conference call.
"Simplification of the capital structure is attractive to us, as well as being able to do that with attractive economic terms. We've not quite seen that yet," Kritzmacher said during the question-and-answer portion of Global Crossing (UK)'s second-quarter earnings conference call.
Global Crossing (UK) ended the second quarter with £38 million of cash, up £5 million from £33 million of cash at the end of the first quarter.
Net cash provided by operating activities during the second quarter was £5 million.
Global Crossing (UK) reported OIBDA of £15 million for the second quarter, representing an increase of £3 million over the comparable prior-year period.
The improvement was primarily due to sales growth, improved revenue mix and a reduction in property tax charges, partially offset by higher allocated corporate overhead costs and an increase in salaries and commissions in the current-year period, Kritzmacher said.
Global Crossing (UK) generated £77.9 million of revenue in the second quarter, compared with revenue of £77.3 million in the same period of 2009.
During the call, Kritzmacher said Global Crossing (UK)'s performance is expected to improve in the second half of 2010 due to investments currently being made in the business.
"Our results reflect solid demand and a difficult economic environment. We continue to invest in our network, product offerings and sales resources as we focus on strengthening our competitive position," Kritzmacher said.
Global Crossing provides telecommunication services over an internet protocol-based network and is based in Hamilton, Bermuda. Global Crossing (UK) Telecommunications is a London-based telecom company.
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