Aligned Data Centers Secures $2.58B Credit Facility to Accelerate U.S. Expansion
Aligned Data Centers has closed a new $2.58 billion credit facility to support the continued expansion of its U.S. data center portfolio. The revolving credit facility, known as the Devco Facility, is backed by insurance companies, pension funds and other institutional investors, and is secured by an initial collateral pool of six assets within Aligned’s U.S. portfolio.
The Devco Facility carries an initial three-year term, with two one-year extension options, giving the company flexibility to match financing with its development pipeline. The structure is “customized to facilitate the financing of later-stage development assets and to achieve capital treatment for insurance companies consistent with investment grade,” the company said.
“This innovative Devco Facility unlocks substantial additional borrowing capacity, serving as a powerful catalyst to drive Aligned’s continued growth,” said Meghan Baivier, Chief Financial Officer of Aligned Data Centers.
As Aligned continues to grow its portfolio of development assets, the company said it intends to increase the Facility’s borrowing capacity over time.