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.”
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