The notes will be used to refinance £480 million of debt for two facilities (CWL11 and CWL13) on Vantage’s 148MW campus in Cardiff, while excess proceeds will be used for capital expenses and general corporate purposes.
The financing was led by Barclays, who acted as sole structuring advisor and sole green structuring advisor, alongside Sumitomo Mitsui Banking Corporation (SMBC) and Nikko Capital Markets.
The notes have an anticipated five-year repayment date and the transaction achieved a Green Bond designation via a second party opinion from Mornigstar Sustainalytics, marking Vantage’s ninth green debt issuance.
“We’re proud to continue our pioneering use of securitisation financing in the data center sector, specifically in Europe, and look forward to our ongoing development of flexible, sustainable digital infrastructure around the globe to enable the growth of our customers.” said Sharif Metwalli, chief financial officer for Vantage Data Centers.
To date this year, Vantage has raised $1.7 billion in debt financing for its EMEA platform.
Vantage was one of the trailblazers of the securitisation model in the US and the transaction marks Vantage’s 10th securitization globally since 2018.
“Vantage’s pursuit of innovative funding vehicles to drive the company’s continued global development is core to our ability to rapidly meet demand for the critical infrastructure necessary to support cloud adoption and AI,” Metwalli added.
Gordon Beck, head of European corporate & sustainable securitisation at Barclays said the UK bank was proud to support Vantage with the inaugural data centre securitisation financing in its home market.
Beck added that Barclay’s market leading expertise in digital infrastructure securitisation would help unlock a new source of capital for the asset class in Europe.
