Global Cloud Xchange (GCX), a subsidiary of Reliance Communications has announced 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,” added Barney.
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.