TierPoint, a provider of secure, connected data center and cloud solutions, has closed its previously announced transactions, resulting in preferred equity investments totaling $320 million.
The $320 million of preferred equity was led by a consortium of new investors: Argo Infrastructure Partners, Wafra and Macquarie Capital Principal Finance. Existing investors — including Cequel III, Ontario Teachers' Pension Plan, RedBird Capital Partners, The Stephens Group and Thompson Street Capital Partners — also participated.
Net of transaction fees and expenses, equity proceeds will be used to repay TierPoint's second-lien credit facility in full, reduce the balance outstanding under the company's revolving credit facility, and provide growth capital to fuel TierPoint's continued momentum.
