Global Switch begins one-week tender for €600 million of 5.5% notes

By Susanna Moon

Chicago, May 24 – Global Switch Holdings Ltd. is tendering for its €600 million 5.5% guaranteed notes due 2018 until 11 a.m. ET on May 31.

Pricing will be set using a purchase yield of negative 0.2% for a purchase price of 105.007 using a settlement date of June 2.

Holders also will receive accrued interest.

The offer is being made as part of a liability management strategy to optimize debt maturities and cost of debt, according to a company announcement.

The company will use proceeds of new notes to fund the offer, and the tender is contingent on the issue of the notes.

Tender instructions must be submitted for a minimum principal amount of at least €100,000 and in integrals of €1,000 after that.

Settlement has been set for June 2.

Bank of China Ltd., London Branch (+44 203 192 8298 or dcmcentreemea.uk@bankofchina.com), Barclays Bank plc (+44 203 134 8515 or eu.lm@barclays.com), Credit Suisse Securities (Europe) Ltd. (+44 20 7883 8763 or liability.management@credit-suisse.com), Deutsche Bank AG, London Branch (liability.management@db.com) and HSBC Bank plc (+44 20 7992 6237 or LM_EMEA@hsbc.com) are the dealer managers. Lucid Issuer Services Ltd. (+44 20 7704 0880 or globalswitch@lucid-is.com) is the tender agent.

Global Switch is a London-based company that develops, owns, and operates real estate properties in Europe and the Asia Pacific.

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