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DataBank secures $725M credit facility to expand data center infrastructure in US

Categories Edge Computing News  |  Funding  |  Real Estate
DataBank secures $725M credit facility to expand data center infrastructure in US

DataBank has secured a significant $725 million credit facility, which serves as a strategic move to expand its data center infrastructure throughout the United States. The company intends to utilize the capital to accelerate its construction projects across multiple cities, such as Denver, New York, Minneapolis, Salt Lake City, and Dallas.

The financing structure offers flexibility, allowing DataBank to withdraw funds as needed. This approach facilitates efficient cash flow management while minimizing interest costs. The financing includes 14 digital infrastructure banks, with TD Securities serving as the Administrative Agent and Joint Lead Arranger.

“This new credit facility will allow us to meet that demand more quickly by shortening financing and construction timelines across all our campuses, but especially as we ramp up activity in the new ones we’ve announced in Northern Virginia and Atlanta,” says Kevin Ooley, president, and chief financial officer at DataBank.

In an effort to expand their data center capabilities, DataBank has acquired an 85-acre campus in Culpeper, Virginia that can support up to 92MW of power and 1.4 million gross square feet of data center space. Additionally, the company has acquired a 95-acre site in Atlanta that will support around 120MW and 1 million gross square feet of data center space.

DataBank has emphasized its commitment to sustainability by claiming that this credit facility represents its second green loan. To qualify as a green loan, the data center projects financed must meet specific environmental criteria such as water conservation, carbon emissions reduction, and low power usage effectiveness. Earlier this year, DataBank raised $456 million through secured notes, as its first green financing, supporting its ambition to become carbon neutral by 2030.

The acquisition of the LAS1 data center in Las Vegas has allowed DataBank to expand its edge data center footprint in the United States, better meeting the local demand for colocation, connectivity, and cloud services.

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