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DataBank secures $350M for expansion of US edge data center infrastructure

Categories Edge Computing News  |  Funding  |  Real Estate
DataBank secures $350M for expansion of US edge data center infrastructure

DataBank Inc., an edge colocation, interconnection and managed cloud service provider, has announced that it has secured $350 million to finance its US-based data center infrastructure expansion. Led by TD Securities, the financing includes a 5-year term loan for $175 million, a delayed draw term loan for $125 million and a $50 million revolving line of credit.

This is DataBank’s second financing for 2023, weeks after its $715 million announcement on March 1st. The company says the new funds will support general working capital and capital expenditures to deploy new and expanded data center capacity at campuses in Salt Lake City, Atlanta, Denver and New York.

The Salt Lake City data center, SLC6, was opened last September to support the growing demand for mission-critical IT infrastructure in Salt Lake City and Utah.

DataBank’s president and CFO, Kevin Ooley comments on the financing: “This additional financing allows DataBank to fully implement its aggressive expansion roadmap. Our ability to swiftly complete this transaction reflects both investors’ confidence in our edge strategy as well as DataBank’s proven ability to execute on its business plans.”

In 2021, DataBank completed two different securitizations worth nearly $1 billion in total. In 2022, the company completed a $1.9 billion recapitalization which was led by SwissLife Asset Management.

DataBank operates over 65 data centers and 20  interconnection hubs in over 27 markets and provides an ecosystem of cloud providers. The company says it offers managed security, compliance enablement, hands-on support and 100% uptime availability.

DataBank is optimistic that the additional capital will help it continue to grow in the rapidly evolving data center landscape.

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