Exhibit 99.1
[LOGO]
FOR IMMEDIATE RELEASE Level 3 Contacts:
News Media: Josh Howell Investors: Julie Stangl
720/888-2517 720/888-2500
Steve Ingish
720/888-2521
LEVEL 3 AND GLOBAL CROSSING WILL PARTNER TO BUILD 1.28 TERABIT
TRANSATLANTIC CABLE Joint Build Strategy Allows For More Rapid Deployment Of
Additional Capacity On World's Busiest Trans-Oceanic
Communication Route
1.28 Terabit Cable Expected To Be Ready For Service By September 2000
Cable Sets New Capacity and Capability Record for the World's
Trans-Oceanic Cables
New Co-Build Strategy Preserves Flexibility
To Take Advantage Of Next Generation Technology As It Emerges
BROOMFIELD, CO - February 17, 2000 - Level 3 Communications, Inc. (Nasdaq:
LVLT) today announced an agreement whereby Global Crossing Ltd. (Nasdaq: GBLX)
will acquire a 50 percent ownership interest in the previously announced Level 3
transatlantic fiber optic cable now under construction. Level 3 also announced
that it will acquire capacity on Global Crossing's transatlantic cable Atlantic
Crossing 1 (AC 1).
The four fiber pair, 1.28 terabit system -- announced by Level 3 in April
1999 -- is already under construction and has a scheduled in-service date of
September 2000. Under the co-build agreement, Level 3 and Global Crossing will
each separately own and operate two of the four fiber pairs on this
transatlantic cable. Landing stations are on Long Island in the United States
and on the West Coast of the United Kingdom. The cable will use advanced optical
transmission technology to maximize capacity.
Level 3 is managing the construction of the cable. Level 3's two fiber
pairs will continue to be called Project Yellow. In addition, Level 3 will
acquire capacity on Global Crossing's AC 1. This AC 1 capacity will enable Level
3 to offer protected services and develop its meshed network architecture across
the Atlantic.
Global Crossing's two fiber pairs will be called Atlantic Crossing 2, or
AC-2, a system announced in March 1999 to provide double-redundancy across the
highly trafficked Atlantic corridor, and will be fully integrated with the
Global Crossing Network.
About Level 3 Communications
Level 3 (Nasdaq:LVLT) is a communications and information services company
offering a wide selection of IP-based services including broadband transport,
colocation services, submarine transmission services and the industry's first
Softswitch* based services. Level 3 offers services primarily to Web-centric
companies, which deliver their services over the Level 3 Network. The Level 3
Network will include metropolitan networks in 56 U.S. markets and 21
international markets connected by an approximately 16,000 mile U.S. intercity
(long-distance) network, an approximately 4,750 mile European intercity network
and both transpacific and transatlantic undersea cables. The U.S. and first two
rings of the European intercity network are expected to be substantially
completed during the fourth quarter of 2000. Level 3 currently offers Internet
infrastructure services in 27 U.S. markets and four European markets. Its Web
address is www.Level3.com.
(* Softswitches are advanced software based switching systems, which enable
Level 3 to provide services combining the best features of the Internet and
traditional telephone networks.)
Some of the statements made by Level 3 in this press release are
forward-looking in nature. Actual results may differ materially from those
projected in forward-looking statements. Level 3 believes that its primary risk
factors include, but are not limited to: substantial capital requirements,
development of effective internal processes and systems; the ability to attract
and retain high quality employees; changes in the overall economy; technology;
the number and size of competitors in its markets; law and regulatory policy;
and the mix of products and services offered in the company's target markets.
Additional information concerning these and other important factors can be found
within Level 3's filings with the Securities and Exchange Commission. Statements
in this release should be evaluated in light of these important factors.