Global Crossing Ltd. New (GLBC, Financial) filed Quarterly Report for the period ended 2010-06-30.
Global Crossing Ltd. New has a market cap of $699.8 million; its shares were traded at around $11.58 with and P/S ratio of 0.3. GLBC is in the portfolios of Jim Simons of Renaissance Technologies LLC.
As required by the indenture governing the senior secured notes due 2014 (the GCUK Notes), within 120 days after the end of each twelve month period ending December 31, GCUK must offer (the Excess Cash Offer) to purchase a portion of the GCUK Notes at a purchase price equal to 100% of their principal amount, plus accrued and unpaid interest, if any, to the purchase date, with 50% of Designated GCUK Cash Flow from that period. Designated GCUK Cash Flow means GCUKs consolidated net income plus non-cash charges minus capital expenditures, calculated in accordance with the terms of the indenture governing the GCUK Notes. With respect to the 2009 Excess Cash Offer, we made an offer for $18 million and purchased less than $1 million in principal amount, exclusive of accrued but unpaid interest.
Cash flows provided by operating activities decreased in the six months ended June 30, 2010 compared with the same period in 2009 primarily as a result of higher interest and incentive compensation payments and lower IRU and prepaid services receipts in the current period. During the six months ended June 30, 2010, we made $76 million of interest payments compared with $60 million in the same period of 2009. During the six months ended June 30, 2010 we received $46 million of cash receipts from the sale of IRUs and prepaid services compared with $59 million in the same period of 2009.
During the six months ended June 30, 2010, we entered into the following significant contractual commitments: (i) an amendment to an equipment and service agreement that requires payment of $30 million (including value added taxes of approximately $6 million) over the next two years; (ii) an extension of an agreement for supply, installation and maintenance of customer premises equipment that requires a payment of $23 million through 2013; and (iii) an amendment to an existing equipment lease facility that requires a payment of $10 million through 2013.
As of June 30, 2010, approximately $34 million (valued at the fixed official CADIVI rate of 4.30 Venezuelan bolivares to the U.S. Dollar at June 30, 2010 (the CADIVI rate)) of our cash and cash equivalents was held in Venezuelan bolivares. For the three and six months ended June 30, 2010, our Venezuelan subsidiary generated approximately $13 million and $25 million, respectively, of our consolidated revenue and $6 million and $14 million, respectively, of our consolidated OIBDA, in each case based on the CADIVI rate. As of June 30, 2010, our Venezuelan subsidiary had $33 million of net monetary assets of which $4 million and $29 million were denominated in U.S. Dollars and Venezuelan bolivares, respectively, in each case based on the CADIVI rate. As of June 30, 2010, our Venezuelan subsidiary had $67 million of net assets, which may not be transferred to GCL in the form of loans, advances or cash dividends without the consent of a third party (i.e., CADIVI or SITME).
As of June 30, 2010, approximately $34 million (valued at the fixed official CADIVI rate of 4.30 Venezuelan bolivares to the U.S. Dollar at June 30, 2010 (the CADIVI rate)) of our cash and cash equivalents was held in Venezuelan bolivares. For the three and six months ended June 30, 2010, our Venezuelan subsidiary generated approximately $13 million and $25 million, respectively, of our consolidated revenue and $6 million and $14 million, respectively, of our consolidated OIBDA, in each case based on the CADIVI rate. As of June 30, 2010, our Venezuelan subsidiary had $33 million of net monetary assets of which $4 million and $29 million were denominated in U.S. Dollars and Venezuelan bolivares, respectively, in each case based on the CADIVI rate. As of June 30, 2010, our Venezuelan subsidiary had $67 million of net assets, which may not be transferred to GCL in the form of loans, advances or cash dividends without the consent of a third party (i.e., CADIVI or SITME).
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Global Crossing Ltd. New has a market cap of $699.8 million; its shares were traded at around $11.58 with and P/S ratio of 0.3. GLBC is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
At June 30, 2010, we had $1.45 billion of indebtedness outstanding (including long and short term debt and capital lease obligations), consisting of $425 million of GCUK Notes ($423 million aggregate principal plus $2 million of net unamortized premium), $134 million of 5% Convertible Notes ($144 million aggregate principal less $10 million of unamortized discount), $736 million of 12% Senior Secured Notes ($750 million aggregate principal less $14 million of unamortized discount), $155 million of capital lease obligations and other debt.As required by the indenture governing the senior secured notes due 2014 (the GCUK Notes), within 120 days after the end of each twelve month period ending December 31, GCUK must offer (the Excess Cash Offer) to purchase a portion of the GCUK Notes at a purchase price equal to 100% of their principal amount, plus accrued and unpaid interest, if any, to the purchase date, with 50% of Designated GCUK Cash Flow from that period. Designated GCUK Cash Flow means GCUKs consolidated net income plus non-cash charges minus capital expenditures, calculated in accordance with the terms of the indenture governing the GCUK Notes. With respect to the 2009 Excess Cash Offer, we made an offer for $18 million and purchased less than $1 million in principal amount, exclusive of accrued but unpaid interest.
Cash flows provided by operating activities decreased in the six months ended June 30, 2010 compared with the same period in 2009 primarily as a result of higher interest and incentive compensation payments and lower IRU and prepaid services receipts in the current period. During the six months ended June 30, 2010, we made $76 million of interest payments compared with $60 million in the same period of 2009. During the six months ended June 30, 2010 we received $46 million of cash receipts from the sale of IRUs and prepaid services compared with $59 million in the same period of 2009.
During the six months ended June 30, 2010, we entered into the following significant contractual commitments: (i) an amendment to an equipment and service agreement that requires payment of $30 million (including value added taxes of approximately $6 million) over the next two years; (ii) an extension of an agreement for supply, installation and maintenance of customer premises equipment that requires a payment of $23 million through 2013; and (iii) an amendment to an existing equipment lease facility that requires a payment of $10 million through 2013.
As of June 30, 2010, approximately $34 million (valued at the fixed official CADIVI rate of 4.30 Venezuelan bolivares to the U.S. Dollar at June 30, 2010 (the CADIVI rate)) of our cash and cash equivalents was held in Venezuelan bolivares. For the three and six months ended June 30, 2010, our Venezuelan subsidiary generated approximately $13 million and $25 million, respectively, of our consolidated revenue and $6 million and $14 million, respectively, of our consolidated OIBDA, in each case based on the CADIVI rate. As of June 30, 2010, our Venezuelan subsidiary had $33 million of net monetary assets of which $4 million and $29 million were denominated in U.S. Dollars and Venezuelan bolivares, respectively, in each case based on the CADIVI rate. As of June 30, 2010, our Venezuelan subsidiary had $67 million of net assets, which may not be transferred to GCL in the form of loans, advances or cash dividends without the consent of a third party (i.e., CADIVI or SITME).
As of June 30, 2010, approximately $34 million (valued at the fixed official CADIVI rate of 4.30 Venezuelan bolivares to the U.S. Dollar at June 30, 2010 (the CADIVI rate)) of our cash and cash equivalents was held in Venezuelan bolivares. For the three and six months ended June 30, 2010, our Venezuelan subsidiary generated approximately $13 million and $25 million, respectively, of our consolidated revenue and $6 million and $14 million, respectively, of our consolidated OIBDA, in each case based on the CADIVI rate. As of June 30, 2010, our Venezuelan subsidiary had $33 million of net monetary assets of which $4 million and $29 million were denominated in U.S. Dollars and Venezuelan bolivares, respectively, in each case based on the CADIVI rate. As of June 30, 2010, our Venezuelan subsidiary had $67 million of net assets, which may not be transferred to GCL in the form of loans, advances or cash dividends without the consent of a third party (i.e., CADIVI or SITME).
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