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XO to Tender Global Crossing Debt Offer

June 13, 2003

RESTON, Va. (AP) _ XO Communications Inc. said it plans to launch a tender offer for Global Crossing Ltd.’s $2.25 billion of bank debt, while repeating its offer to buy the bankrupt company for $700 million.

On Thursday, XO Communications, along with chairman and majority owner Carl Icahn, said it will offer $210 per $1,000 of Global Crossing’s debt, a total of about $472.5 million.

The tender offer is only valid if Global Crossing’s cancels its agreement to be bought by Singapore Technologies Telemedia Ltd., which values Global Crossing at about $600 million.

On May 30, XO Communications made a cash and securities offer valued at $700 million for Global Crossing. However, several Global Crossing creditors have questioned the value of that offer, which would have given Global Crossing $250 million cash.

A Global Crossing representative couldn’t immediately comment on Icahn’s latest offer.

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