Global Switch gets €500 million loan via two banks to refinance bond

By Mary-Katherine Stinson

Lexington, Ky., Jan. 23 – Global Switch Holdings Ltd. refinanced its €500 million bond due to mature on Jan. 31, 2024 by securing a €500 million loan from two of the group's existing relationship banks, according to a news release.

The loan, which has been drawn down, was provided by HSBC and DBS with a “highly attractive” margin like that of the company’s existing revolving credit facility.

The loan facility expires on Dec. 22, 2025, with an option to increase the quantum of the facility to €625 million with debt raised from another lender. The loan may also be repaid early.

Following repayment of the €500 million bond at the end of January, Global Switch will have two remaining bonds in issue, €500 million maturing in 2027 and €700 million maturing in 2030. The company also has a currently undrawn £350 million revolver, plus cash balances over £200 million as of Dec. 31, providing ongoing liquidity and funds for investment.

Global Switch is a London-based company that develops, owns and operates data centers in Europe and Asia Pacific.

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