Vantage Data Centers, a Santa Clara, CA-based provider of wholesale data centers in support of business and mission-critical applications, raised $692m in additional capital.
The financing included:
– $548m in new securitized notes, inclusive of expanded Variable Funding Note undrawn capacity.
– $144m in project-based construction debt financing from a consortium of banks.
The company intends to use the funds to refinance existing floating rate credit facilities, reducing interest expense, and to accelerate the development of data centers across North America.
Vantage Data Centers provides data center solutions to hyperscale, cloud and enterprise customers in six strategic markets: Silicon Valley; Northern Virginia; Phoenix; Quincy, Washington; Montreal and Quebec City, Canada. The company has 11 operational facilities totaling 106MW of capacity and five facilities currently under development totaling 89MW.
When combined with the 2018 securitization issuances, the company has raised more than $1.8 billion of securitized debt leveraging a portfolio of geographically diverse stabilized data center assets. These capital raises bring to Vantage more than $385 million of additional liquidity to fund further data center expansions.