Global Crossing to Split Off Unit

Global Crossing Ltd., owner of a worldwide phone and data network, plans to raise up to $100 million by selling shares in its GlobalCenter Web-hosting services unit.

The Bermuda-based company, whose executive offices are in Beverly Hills, will use the proceeds to expand its growing operations. The company filed documents with the Securities and Exchange Commission to sell an unspecified number of GlobalCenter tracking shares to follow the unit’s performance.

As of March 31, GlobalCenter had 500 customers for its Web-hosting and Internet-related services, including NBC Internet Inc., Viacom Inc., Washington Post Co., Yahoo Inc. and Ziff-Davis Inc.’s ZDNet. The unit, which provides space for computer servers running company Web sites and connects them to the Internet, had $70.9 million in revenue and a net loss of $59.5 million in 1999.

GlobalCenter shares will trade on Nasdaq under the ticker symbol GCTR. Global Crossing shares slipped 13 cents to close at $29.88 in Nasdaq trading Wednesday.