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Colocation Provider DataBank Secures $350M Credit Facility to Finance Expansion Efforts

Colocation Provider DataBank Secures $350M Credit Facility to Finance Expansion Efforts

DataBank, a Dallas, TX-based colocation and interconnection provider, received a $350 million credit facility to further fuel its expansion efforts.

The financing was provided by TD Securities and included a $175 million 5-year term loan, a $125 million delayed draw facility and a $50 million revolving credit line for new data center capacity at its existing campuses in Salt Lake City, Denver, Atlanta and New York.

The new financing follows a $715 million asset-backed securities issuance in February, which will be used to pay down previously issued debt.

“This additional financing allows DataBank to fully implement its aggressive expansion roadmap,” said Kevin Ooley, President & CFO. “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.”

The company enables enterprises, technology, and content providers to deploy and manage their infrastructure, applications and data on the right platform. Its colocation and edge infrastructure footprint consists of over 65 data centers and 20 interconnection hubs in more than 27 markets.

In 2021, DataBank completed two securitizations worth nearly $1 billion, including the first ever securitization for a multi-tenant, enterprise data center provider.

In June 2022, DataBank announced a significant recapitalization in which Swiss Lift Asset Management AG and EDF Invest would be acquiring 27% of DataBank from DigitalBridge for around $1.2 billion in cash from existing investors, including Digital Bridge. This increased to $1.5 billion after private markets firms Northleaf Capital Partners and Ardian joined the round, increasing the ownership to 35%.

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About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.

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