Vantage Data Centers has raised £600 million ($767 million) in securitized term notes, marking the first-ever securitization of data center assets in Europe, the Middle East and Africa (EMEA).
The transaction includes an additional £100 million ($128 million) in unfunded Variable Funding Notes. The term notes are rated A-, A (low) and A by Standard & Poor’s, Morningstar DBRS and Scope Ratings, respectively.
Led by Barclays, who acted as sole structuring advisor and sole green-structuring advisor, and Sumitomo Mitsui Banking Corporation (SMBC) Nikko Capital Markets, the notes will be used to refinance £480 million ($614 million) of debt for two facilities (CWL11 and CWL13) on Vantage’s 148-magewatt Cardiff, Wales, campus, one of the largest hyperscale data center campuses in Europe. Excess proceeds will be used for capital expenses and general corporate purposes. The notes have an anticipated five-year repayment date.
Marking Vantage’s ninth green-de
