Hicks, Muse, Tate & Furst to Invest $80 Million in Globix

NEW YORK and DALLAS – November 8, 1999

Globix Corporation (NASDAQ:GBIX), a leading provider of sophisticated Internet-based solutions for large and medium size businesses, today announced an agreement to issue $80 million in new Series A Convertible Preferred Stock to Hicks, Muse, Tate & Furst Incorporated to expand the buildout of the Globix state-of-the-art SuperPOP Internet Data Centers in Europe and the United States. Hicks Muse will own approximately 19% of Globix Corporation’s outstanding common stock on an as converted basis.

Under its agreement with Globix, an affiliate of Hicks Muse has committed to purchase $80 million of Series A Convertible Preferred Stock, subject to mandatory redemption in 2014. The terms of the security specify an annual dividend rate of 7.5% payable quarterly in cash or additional Preferred Stock at the option of Globix. The conversion price of $40.00 per share represents a premium of 25% over the October 25th closing price, which is when the terms of the transaction were agreed upon. The Preferred Stock is convertible into Globix common stock at any time and cannot be called for redemption for five years.

Marc H. Bell, Chairman and Chief Executive Officer of Globix Corporation, said: ‘Having successfully completed the first phase of our expansion, we determined that a major infusion of long-term capital would be needed to accelerate our next phase of growth. Hicks Muse’s combination of financial clout and strategic vision as well as potential synergies with companies in their extensive investment portfolio makes them an ideal investor and partner. Moreover, the Hicks Muse partners are widely recognized as smart, sophisticated long-term investors with an outstanding ability to recognize, and help realize, upside potential. As such, their investment in Globix is a tremendous validation of our business plan and vote of confidence in our people.’

‘We are excited about the opportunity to invest in Globix and to partner with the company’s management team,’ said Hicks Muse Partner Michael J. Levitt. ‘We believe Globix is a leader in building Internet infrastructure for the twenty-first century that will allow companies to outsource their mission-critical Internet connectivity and Web presence.’

Brian Reach, Globix Senior Vice President and Chief Financial Officer, added: ‘As a result of this transaction, our balance sheet is now stronger than ever. This investment by Hicks Muse not only provides Globix with more resources from which to fund our continued geographic expansion but also creates additional sources for Globix to access new capital. Following prior transactions in the debt and equity markets, we have now demonstrated support for Globix in the highly sophisticated private equity market.’

Following completion of the transaction, which is expected to occur before year-end, Hicks Muse will nominate Mr. Levitt and Jack D. Furst, another of the firm’s Partners, to an expanded Board of Directors of Globix. Chase Securities Inc. acted as financial advisor to Globix with respect to this transaction.

Since its formation in 1989, Hicks, Muse, Tate & Furst Incorporated hascompleted or currently has pending more than 300 transactions with atotal capital value in excess of $37 billion. Headquartered in Dallas,the firm also has offices in New York, London, Mexico City and BuenosAires.

About Globix

Globix is a leading provider of advanced Internet hosting, network and applications solutions for business. Globix delivers services via its secure state-of-the-art Internet DATA Centers, its high-performance global backbone and content delivery network, and its world-class technical professionals. Globix provides businesses with cutting-edge Internet resources and the ability to deploy, manage and scale mission-critical Internet operations for optimum performance and cost efficiency.

This press release contains forward-looking statements relating to the Company’s or management’s intentions, beliefs, expectations or predictions for the future. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company’s actual results to differ materially FROM those projected in the forward-looking statements. These risks, assumptions and uncertainties include the ability to finance the operations and complete the planned expansion of our facilities and network; our reliance on the growth of the Internet and e-commerce; our success against competitors with significantly greater resources; and other risks listed under the heading of Risk Factors in the Company’s filings with the Securities and Exchange Commission.