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Revolutionising global connectivity

FLAG – the new brand name for Global Cloud Xchange’s subsea cable and datacentre divisions – is one of the world’s largest privately owned subsea cable infrastructure platforms, with a pedigree going back over 30 years. Offering mission-critical digital global connectivity solutions, that include large capacity, IP, low latency and resiliency capabilities FLAG serves a variety of customers including hyperscalers, telecommunications carriers, content providers and enterprises.

Headquartered in the UK, FLAG operates as a geopolitically neutral, independent connectivity provider across Europe, the Middle East, Asia and North America via a vast subsea and terrestrial network. 

Strong lender appetite for $340m multi-creditor debt facilities to support future growth ambitions and evolving market demands

Following two successful NatWest-led debt raises in 2022 (following 3i’s acquisition of the business) and 2023, NatWest Advisory was mandated as Sole Debt Advisor for the refinancing process. Over a five-month process, we worked closely with FLAG and 3i to deliver $340m bank and institutional debt facilities, under a newly established long-term, common-terms multi creditor platform. 

NatWest is pleased to have also provided financing as a Mandated Lead Arranger under a separate NatWest Bank lending team and continued its role as Facility and Security Agent.

NatWest is committed to supporting critical digital infrastructure

Carl Grivner, CEO of FLAG, said: “This refinancing provides FLAG with a strong foundation to achieve our future growth ambitions and meet evolving market demands. We are upgrading and expanding our network to stay at the forefront of technological developments, prioritising investments across more geographies, whilst developing our technology solutions to create customer-tailored propositions. We’re delighted that NatWest continues to support our expansion, and we thank the NatWest team for the smooth and successful delivery of this transaction.”  

 

Gazal Heda, Head of Infrastructure Advisory at NatWest, said: “We are delighted to have supported 3i and FLAG as Sole Debt Advisor on this transaction. This refinancing showcases our ability to unlock competitive liquidity from across the infrastructure bank and institutional investor pool and cements our position as the financing partner of choice for our key clients."

 

Chin Ratnayake, Head of Infrastructure Finance at NatWest, said: “We are proud to have supported 3i on its successful refinancing of FLAG, working closely since the acquisition in 2022 to now establishing a flexible long-term platform to support the future growth of the company.  FLAG holds an important role in the digital space, and we are delighted to have facilitated this transaction with our advisory and lending services, demonstrating our continued support to critical digital infrastructure assets.” 

Finance is subject to status. Security may be required. Product fees may apply.

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