Vantage Data Centers has raised £254 million ($341.1 million) in term securitized notes, backed by revenues from a hyperscale data center campus in Cardiff, Wales.
Sponsors used a master trust structure, raising £200 million and £54 million through the existing class A2 and class B tranches, respectively, according to a statement from the company.
All the notes have a May 2029 anticipated repayment date, according to a statement from the company.
Barclays Bank is the sole structuring advisor and sole green structuring advisor, according to the statement. Meanwhile, Barclays and SMBC Bank International are joint lead managers and joint bookrunners, the company said in the statement.
Proceeds from the issuance will refinance outstanding debt from CWL11 and CWL13 in connection with the Cardiff site, one of Europe's largest data center campuses.
Rich Cosgray, a senior vice president of capital markets at Vantage Data Centers says the deal "underscores the continued investor confidence in our platform and in our commitment to delivering world-class, sustainable digital infrastructure for the world's leading technology companies."
S&P Global Ratings assigns A- and BBB- to the A2 and B tranches, respectively; Morningstar DBRS assigns A (low) and BBB to the A2 and B classes, respectively; and Scope Ratings assigns A and BBB to the A2 and B tranches, respectively.
