Vantage Data Centers, a provider of wholesale data centers in support of business and mission-critical applications, has announced that in August the company raised USD 548 million in new securitized notes, inclusive of expanded Variable Funding Note undrawn capacity, the company said.
The notes are rated “A-” by Standard & Poor´s. The notes in this issuance, Series 2019-1, generally rank pari-passu with Vantage´s Series 2018-1 and 2018-2 notes issued in 2018. In addition, the company raised USD 144 million in project-based construction debt financing from a consortium of banks.
The proceeds of these funding sources will be used to refinance existing floating rate credit facilities, significantly reducing interest expense, and to fuel the development of data centers across North America.
Vantage has access to multiple funding sources at attractive rates and terms, in addition to access to the securitization market. When combined with the 2018 securitization issuances, the company has raised more than USD 1.8 billion of securitized debt leveraging a portfolio of high-quality, geographically diverse stabilized data center assets. These capital raises bring to Vantage more than USD 385 million of additional liquidity to fund further data center expansions.
Vantage Data Centers is a North American wholesale data center provider in six strategic markets: Silicon Valley; Northern Virginia; Phoenix; Quincy, Washington; Montreal and Quebec City, Canada. Vantage has 11 operational facilities totaling 106MW of capacity and five facilities currently under development totaling 89MW. The company provides highly scalable, flexible and efficient data center solutions to hyperscale, cloud and enterprise customers, offering unique value through its commitment to exceptional customer service and sustainability.