DataBank to Issue $658 Million of Secured Notes in Inaugural Securitization Offering
First-Ever Securitization in Enterprise Data Center Colocation Environment
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DALLAS, March 12, 2021 /PRNewswire/ --
DataBank, a leading provider of enterprise-class colocation, connectivity, and managed services, today announced that it will issue $658 million of secured notes in its first-ever securitization offering.
The new securitization notes will refinance DataBank's existing credit facility, providing additional capital to support expansion, while substantially reducing financing costs by more than 50%. This securitization and refinancing of previous loans adds more than $200 million in liquidity to DataBank's balance sheet, providing ample funding for general purposes and continued investment in new data center capacity. In addition, the financing locks in rates for five years and provides a powerful launchpad from which the company can initiate future transactions.