CyrusOne Inc. (NASDAQ: CONE), a premier global data center REIT, has announced that its operating partnership, CyrusOne LP, has entered into a new senior unsecured credit agreement, increasing the size of its credit facility by USD 1.0 billion, or 50%, to a total of USD 3.0 billion, the company said.
The new agreement also provides for an extension of maturity dates, reductions in the interest rate margins applicable on the revolving credit facility and five-year term loan, and enhanced flexibility in support of the company´s international expansion plans, including the ability to borrow in non-USD currencies.
The new agreement consists of a USD 1.7 billion revolving credit facility, which includes a USD 750 million multicurrency borrowing sublimit, and term loan commitments totaling USD 1.3 billion. The term loan commitments consist of a USD 1.0 billion five-year term loan, which includes a delayed draw feature allowing the company to draw USD 300 million in up to three tranches over a six-month period in multiple currencies, and a new USD 300 million seven-year term loan.
The interest rate margins applicable to the revolving credit facility and the five-year term loan based on the company´s current leverage level have been decreased by 10 basis points to LIBOR plus 1.45% and LIBOR plus 1.40%, respectively, while the interest rate margin applicable to the seven-year term loan based on the company´s current leverage level is LIBOR plus 1.70%.
CyrusOne engaged JPMorgan Chase Bank, N.A. to serve as administrative agent, KeyBank National Association, to serve as syndication agent, and JPMorgan Chase Bank, N.A., KeyBanc Capital Markets Inc., Barclays Bank PLC, RBC Capital Markets, LLC, and TD Securities (USA) LLC to serve as joint lead arrangers.
Co-documentation agents include Bank of America, N.A., Citizens Bank, N.A., Fifth Third Bank, Goldman Sachs Bank USA, Morgan Stanley Senior Funding, Inc., PNC Bank, National Association, Raymond James Bank, N.A., SunTrust Bank, and The Bank of Tokyo – Mitsubishi UFJ, Ltd. BMO Harris Bank N.A., Credit Agricole Corporate and Investment Bank, and ING Capital LLC are new lending institutions. There are 23 financial institutions in the syndicate.
CyrusOne is a high-growth real estate investment trust (REIT) specializing in highly reliable enterprise-class, carrier-neutral data center properties. The company provides mission-critical data center facilities that protect and ensure the continued operation of IT infrastructure for nearly 1,000 customers, including 197 Fortune 1000 companies. Additional information about CyrusOne can be found at www.CyrusOne.com.