FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of a Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month(s) of: August 10, 1999
NEWCOURT CREDIT GROUP INC.
Newcourt Centre, 207 Queens Quay West
Suite 700
Toronto, Ontario
Canada, M5J 1A7
[Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.]
Form 20-F / / Form 40-F /X/
[Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.]
Yes / / No /X/
[If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b)]
82-
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Date: August 10, 1999
NEWCOURT CREDIT GROUP INC.
/__________________________/
By: John P. Stevenson
Corporate Secretary
News Release
For Immediate Release
Trading Symbol: NCT Media Contact: Rick Perkins
(416) 507-5437
Exchange Listing: Toronto
Montreal
New York
Global Crossing Launches US$100 Million
Customer Finance Program with Newcourt Capital
First-of-its-kind financing program for Internet service providers, data
companies, and telecom providers
Provides full financing solutions for broadband capacity purchases on Global
Crossing's network
Permits customers to accelerate business plans and quickly achieve full
global connectivity with a "one-stop" financial solution
Hamilton, Bermuda and Toronto, Canada - August 10, 1999 - Global Crossing
Ltd. (Nasdaq: GBLX), which is building and operating the world's most
advanced global IP-based fiber optic network, today announced the launch of a
US$100 million customer finance program for broadband capacity purchases on
Global Crossing's worldwide network.
The program is a partnership between Global Crossing USA Inc., a subsidiary
of Global Crossing Ltd., and Newcourt Capital, the corporate finance
subsidiary of Newcourt Credit Group (TSE, NYSE: NCT). The program will
provide financing to select customers including Internet service providers,
data companies, and telecom providers. Financing under the program will
cover up to 100% of the cost of capacity purchases on the Global Crossing
Network.
The initial program commitment is US$100 million and average transactions are
expected to be in the US$5 to US$10 million range, fully amortizing over a
term of three years.
"We are excited by this partnership that brings together two innovative
leaders in their fields," said Bob Annunziata, Global Crossing's chief
executive officer. "We chose Newcourt Capital because they are able to offer
flexible 'one-stop' financial solutions that are tailored to respond to the
specific needs of each of our customers on a streamlined basis. We are proud
to be the first in our industry to add financing to our global capacity
offers."
"This partnership is an excellent example of Newcourt's strategic focus on
partnering with the 'best in class' in key growth industries," said David
McKerroll, President of Newcourt Capital. "It builds on our established
expertise as a leader in communications financing, and as the world's premier
vendor finance company."
Barry Porter, Global Crossing Senior Vice President, added: "Our customers -
Internet service providers, data firms, telecom providers - can now
accelerate their business plans with Newcourt as their partner in offering up
to 100 percent financing. Today's agreement delivers the financial resources
our customers need to realize full global connectivity."
"Global Crossing is redefining the international telecommunications business
with almost daily developments," said Jeffrey Marcks, Director of Newcourt
Capital. "Their Global Network offer of seamless worldwide connectivity is
just the latest in the revolutionary changes that this company is bringing to
world commerce."
About Global Crossing
Global Crossing is building and operating the world's most advanced global
IP-based datacentric network, an end-to-end fiber optic platform for data,
voice, video and Internet transmissions. The Global Crossing Network will
span five continents and address 80% of the world's international traffic. A
new unit of Global Crossing, Global Marine Systems Limited, possesses the
largest flotilla of cable laying and maintenance vessels in the world and
currently services more than a third of the world's undersea cable
kilometers. Global Crossing's operations are headquartered in Hamilton,
Bermuda, with executive offices in Los Angeles.
About Newcourt Capital
Newcourt Capital is a leader in corporate finance and a member of Newcourt
Credit Group, one of the world's leading sources of asset-based financing
serving the corporate and commercial markets with owned and managed asset of
US$25.1 billion and a global capability in 26 countries. Newcourt is a world
leader in vendor finance programs with over 320 alliances that provide
customer financing for companies such as Dell Computers, Lucent Technologies,
Intel, and Platinum Technologies. With over $1 billion in financings over
the past year alone, Newcourt Capital is recognized as a leading financing
partner to competitive local exchange carriers and other new players in the
changing communications industry.
____
Statements made in this press release that state the company's or
management's 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 filings with the U.S. Securities
and Exchange Commission (SEC). Copies of these filings may be obtained by
contacting the company or the SEC.
FOR MORE INFORMATION:
Global Crossing
Investor/analyst contact: Jensen Chow, 310/385-5283 or
jchow@globalcrossing.com by e-mail.
Press contact: Tom Goff, 310/385-5231 or tgoff@globalcrossing.com by e-mail.
General information: Visit Global Crossing at www.globalcrossing.com on the
World Wide Web.
Newcourt
Press contact: Rick Perkins, 416/507-5437.
General information: Visit Newcourt Credit Group at www.newcourt.com on the
World Wide Web.