LONDON, 23 January 2024, Global Switch Holdings Limited (“Global Switch” or “the Company”), a leading owner, operator and developer of large-scale network dense, carrier and cloud neutral multi-tenanted data centres in Europe and Asia-Pacific, today announces the successful refinancing of a €500 million bond, first issued in May 2017, and due to mature on 31 January 2024. Through the refinancing, Global Switch has proactively addressed near term debt maturities, further strengthening its capital structure.
The successful refinancing has been achieved through securing a €500 million loan from two of the group's existing relationship banks, HSBC and DBS, which has now been drawn down. The loan facility has been agreed at a highly attractive margin, similar to that of the existing revolving credit facility. Global Switch is one of the highest credit rated data centre companies globally, with strong investment grade credit ratings from Fitch, Moody’s and S&P Global Ratings having been reaffirmed.
Following repayment of the €500 million bond at the end of January, Global Switch will have two remaining bonds in issue, with €500 million and €700 million maturing in 2027 and 2030 respectively. The Company also has in place a £350 million revolving credit facility which is currently undrawn, plus cash balances in excess of £200 million at 31 December 2023 providing ongoing liquidity and funds for investment.
The loan facility has an expiration date of 22 December 2025, and includes options to increase the quantum of the facility to €625 million with debt raised from another lender and also to repay the loan early.
David Doyle, Chief Financial Officer of Global Switch said:
“This successful refinancing underlines the strength of our balance sheet and affirms Global Switch’s position as a leading data centre provider across Tier 1 markets in Europe and Asia-Pacific. As Global Switch continues to grow, these funds will allow us to continue to invest, including creating new, high density capacity to support our customers’ needs for accelerating artificial intelligence workloads through our unique platform of high-quality data centres.
The loan facility has been closed at a highly attractive margin and also provides structural flexibility as the Company’s shareholders continue to explore options to introduce international investors to create liquidity for their stakes and accelerate the Company’s growth strategy.
I am particularly pleased to have closed this new facility with HSBC and DBS, two of our existing relationship banks and thank them for their commitment and continued support of the Company.”
Jenny Davey
FGS Global
+44 20 7251 3801
globalswitch-lon@fgsglobal.com
Ali Ballantine
Group Director, Brand and Communications
Global Switch
+44 20 8054 9053
aballantine@globalswitch.com
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About Global Switch
Global Switch is a leading owner, operator and developer of large-scale, carrier and cloud neutral, multi-customer data centres in Europe and Asia-Pacific. Founded in 1998, Global Switch has a proven business model, demonstrable track record and is one of the highest credit rated data centre companies in the world with investment grade credit ratings from Fitch, Moody’s and S&P Global Ratings.
Global Switch is a vital strategic partner for customers that require secure and resilient data centre services with scalable capacity and a high-level customer service. The Company's focus is on highly resilient, central, low latency, network dense locations in prime city centre locations and internet hubs close to its customers on the edge of financial and business districts. Global Switch’s data centres operate exclusively in the Tier I markets of Europe and Asia-Pacific to Tier III or higher and currently total around 428,000 sq m (4,600,000 sq ft) of floor space and are occupied by a broad range of customers, global and national, large and small including government organisations, financial institutions, enterprises, global systems integrators, telecommunication carriers, cloud and managed service providers and other hosting businesses.
For more information visit: www.globalswitch.com.
