Sabey Data Centers Closes $675 Million Financing Led By TD Securities
Funds will be used for recapitalization of existing property-level debt, and capital expenditures for data center development.
Sabey Data Centers has announced that it has closed a financing transaction led by TD Securities consisting of a $425 million 5-year term loan and a $250 million 5-year revolver. The transaction was upsized by $50 million amid meaningful oversubscription.
Proceeds of the term loan will be used to refinance existing property-level debt into a corporate facility, while the revolver will be used to fund capital expenditures for data center development and strategic initiatives. In connection with strong demand trends, the company plans to expand its data center campus in Northern Virginia, the largest and fastest growing data center market in North America, as well as in Central Washington, which benefits from low power rates and a mild climate ideal for efficient cooling.