Global Crossing Completes $399 Million Initial Public Offering / IPO Consisted of 21,000,000 Shares Priced at $19 Per Share / Company Has Been Listed on Nasdaq and Bermuda Stock Exchange=

HAMILTON, Bermuda, (ots-PRNewswire) - Global Crossing Market
Capitalization at $5.15 Billion

Global Crossing Ltd. (Nasdaq: GBLX) today announced the successful
completion of its initial public offering of common stock to the
public (IPO). The $399 million offering consisted of 21 million
shares of common stock priced at $19.00 per share. Based upon the
$25.50 per share price at close of trading today, with 201,892,900
million shares outstanding (not including the 3.15 million shares
subject to over-allotment options granted to the underwriters), the
total market capitalization of Global Crossing is approximately $
5.15 billion. The company will be listed on the Nasdaq National
Market and on the Bermuda Stock Exchange under the symbol GBLX. The
offering was managed by lead underwriters Salomon Smith Barney and
Merrill Lynch & Co.

The company currently owns and operates the Atlantic Crossing
(AC-1) system -- connecting North America to Europe -- which began
service between the U.S. and the U.K. on May 26, 1998. The proceeds
of the offering will be used primarily to complete the financing of
the initial Global Crossing Network. Global Crossing is creating the
world's first independent global telecommunications network offering
broadband voice and data capacity to carriers around the world. In
addition to AC-1, the Global Crossing Network currently includes:

-- Pacific Crossing (PC-1), connecting the United States to
Japan, scheduled to begin service in early 2000;

-- Mid-Atlantic Crossing (MAC), connecting New York, Florida, St.
Croix and Bermuda, scheduled to begin service in late 1999;

-- Pan American Crossing (PAC), connecting California, Mexico,
Panama and the Caribbean, scheduled to begin service in early 2000.
PAC is being designed to interconnect with the company's PC-1 and MAC
systems.

Gary Winnick, founder and co-chairman of Global Crossing, said,
"Our successful public offering demonstrates investors' belief in our
company's vision and the opportunities that exist in the
international telecommunications marketplace. In addition, we are
very pleased by the underwriting efforts of Salomon Smith Barney,
Merrill Lynch and the other underwriters as well for their support in
this offering."

"We are extremely gratified by the success of our IPO, and look
forward to expanding Global Crossing as a public company. Our listing
on NASDAQ represents an important milestone for our company, and we
thank our investors for their continued confidence in our strategic
vision," said Lodwrick Cook, co-chairman of Global Crossing.

"With our financing in place, we are now poised to complete our
core networks connecting key cities in Europe, the Americas, and
Japan. We will continue to meet the capacity needs of our
international carrier clients with low-cost, fiber-optic solutions,"
added Jack Scanlon, Global Crossing chief executive officer.

Global Crossing -- with offices in Hamilton, Bermuda; Los Angeles;
Morristown, New Jersey; San Francisco; London; Dallas; Miami; Buenos
Aires; and Amsterdam -- is the world's leading independent developer,
owner and operator of open-access, fiber-optic global
telecommunications networks.

This press release is neither an offer to sell nor a solicitation
of an offer to buy these securities. The offer is made only by the
Prospectus, a copy of which may be obtained from Salomon Smith Barney
or Merrill Lynch & Co.

Statements made in this press release that state the Company's or
management intentions, beliefs, expectations or predictions for the
future are forward-looking statements. It is important to note that
the Company's actual results could differ materially from those
projected in such forward-looking statements. Information concerning
factors that could cause actual results to differ materially from
those in the forward-looking statements is contained from time to
time in the Company's SEC filings. Copies of these filings may be
obtained by contacting the Company or the SEC.

ots Originaltext: Global Crossing Ltd.
Internet: http://www.newsaktuell.de

Contact:

Anne DeWolfe, Vice President, Corporate Communications of Global
Crossing, 310-385-5231, or Investor Hotline, 310-385-5270 (In the
USA)

Web site: http://www.globalcrossing.bm

Company News On-Call: http://www.prnewswire.com or fax, 800-758-5804,
ext. 566035

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