MUMBAI, 05 March 2019: Global Cloud Xchange (GCX), a subsidiary of Reliance Communications, today announced its financial performance is on track per guidance for Financial Year 2018-19 (FY19).During a call this week with bond investors, the company revealed strong cash flow in Q3 FY19 at an increase of 55% over same quarter a year ago. In addition, GCX’s IFRS EBITDA, less IRU revenue from deferred and one-off, has increased by 17% in the quarter as compared to Q3 FY18.
“Our GCX business continues to operate at industry benchmarked levels for growth and profitability, despite the overhang of our parent company, Reliance Communications’ (RCOM) restructuring,” said Bill Barney, Chairman and CEO, GCX. “Our strong cash flow in FY19 reduces GCX’s refinancing risks as our $350M 7.00% Senior Secured Notes come to maturity in July 2019.”
As the maturity of the bonds remains a priority for GCX, the company has retained Lazard as financial adviser to evaluate refinancing options for the company and ensure that the upcoming maturity is addressed on competitive terms as soon as possible.
Lazard, one of the world’s preeminent financial advisory and asset management firms, operates from 43 cities across 27 countries in North America, Europe, Asia, Australia, Central and South America. With origins dating to 1848, the firm provides advice on mergers and acquisitions, strategic matters, restructuring and capital structure, capital raising and corporate finance, as well as asset management services to corporations, partnerships, institutions, governments and individuals. For more information, please visit www.lazard.com
For more information, please contact Lazard:
Richard Stables, Managing Director
Tom Howard, Managing Director
Sarah Levi, Director
Tel: +44 (0) 207 187 2000
About Global Cloud Xchange
Global Cloud Xchange (GCX) offers network services that power digital transformation for enterprises, new media providers, and telecoms carriers. We cover all aspects of cloud-centric connectivity from managed SD-WAN and hybrid networks, to direct Cloud connections and 100 Gbps+ waves. With a pedigree going back 30+ years, GCX are experts in providing connectivity throughout the Emerging Markets Corridor into Asia via the vast GCX subsea network (the world’s largest private submarine cable network), with extensions available into more than 200 countries worldwide.