Asia Global Crossing postpones debt and equity offerings

Broadband internet carrier Asia Global Crossing has postponed a $1.3 billion combined debt and equity offering because delays at the US SEC would have led to roadshows cutting into the summer break.

Asia Global Crossing - formed last November as a joint venture between Global Crossing, Microsoft and Softbank - had been hoping to raise up to $900 million from a Nasdaq listing and $400 million from high yield debt. However, a decision to push the two issues back until September was taken this week after the company received 'comments' from the SEC as a result of its recent filing.

As one banker puts it The company knew that it only had a short window to access the market before it closes for the summer and when it realized it was going to miss it, it decided...

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