We use cookies to provide a user-friendly experience and to improve our website. By continuing to use this website, you are agreeing to our use of cookies. To find out more, please read our Privacy and Cookies Policy

By continuing to use this website, you are agreeing to our use of cookies. Privacy and Cookies Policy

x
Home Menu

Global Switch settles highly successful A$ Tender Offer

8 September 2017. Further to the announcement issued on 22 August 2017, Global Switch Property (Australia) Pty Limited announces today the successful settlement of its A$ Tender Offer, where A$86,620,000 of the A$100,000,000 6.25% Fixed Rate Notes due 23 December 2020 were purchased.  A further A$500,000 were purchased via the secondary market, bringing the total principal amount purchased to A$87,120,000.

The Tender Offer was made as part of Global Switch’s liability management and to decrease its overall level of indebtedness, and follows the successful repurchase of €296,371,000 (49%) of its 5.50% Fixed Rate Notes due April 2018 in June 2017.

David Doyle, Chief Financial Officer of Global Switch, said:

“We are extremely pleased with the result of this Tender Offer, and being able to repurchase over 87% of the principal outstanding of these bonds. This exercise is an efficient use of our A$ cash and both increases our average debt maturity and reduces our average cost of debt. This further strengthens our capital structure as we continue our measured expansion strategy.”

- ENDS -

For further information or media enquiries please contact:

Jenny Davey / Rebecca Fitchett, Finsbury, +44 20 7251 3801, globalswitch@finsbury.com
Ali Ballantine, Global Switch, +44 20 7802 5154, aballantine@globalswitch.com