Less than 0.5% of the relevant Notes redeemed
Global Switch Holdings Limited (“Global Switch” or “the Company”) announces today the result of the Put Event affecting Guaranteed Notes due 2018 (ISIN: XS0617785943), 2020 (ISIN: AU3CB0217347), and 2022 (ISIN: XS1003373476).
On 29 December 2017 Global Switch announced that Elegant Jubilee Limited had purchased an additional 2% stake in the Company from Aldersgate Investments Limited. This increased Elegant Jubilee’s shareholding to 51%, and whilst the Company continues to be jointly controlled, it technically triggered a Put Event on some of Global Switch’s and a subsidiary’s Guaranteed Notes. As a result, holders of the relevant Notes had the option to require the Issuers to redeem or purchase those Notes at par value plus accrued interest.
Following the expiry of the Optional Redemption Date, Global Switch announces the following redemptions:
|ISIN / Maturity / Currency||Notes Outstanding||Notes Exercised||% Exercised||Notes Remaining|
|AU3CB0217347/2020/A$||A$12,880,000||A$10,000||Less than 0.1%||A$12,870,000|
The new Notes issued under the new €3 billion Euro Medium Term Note Programme in May 2017 (€500m due 2024 and €500m due 2027) with an average coupon of 1.875% were not subject to the Put Event.
The remaining €300.5 million 2018 Euro denominated notes mature on 18 April 2018. Following that maturity, Global Switch’s weighted average cost of bond debt will be an industry leading 2.6% and its weighted average bond debt maturity will be 6.6 years.
David Doyle, Chief Financial Officer of Global Switch, said:
“Following our highly successful new bond issuances last year, we see these small redemptions as an endorsement of the attractiveness of our listed debt and the diversification of Global Switch’s ownership structure. Our balance sheet is well structured to support the company's growth and expansion plans. Our industry leading low cost of debt and long dated debt maturities reflect Global Switch’s position as the highest credit rated data centre company in the world.”
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