The new agreement allows the group access to a to a five-year secured revolving loan facility worth A$450 million, which is an increase of A$260 million compared to its previous facility.
The refinancing comes because of strong interest from both domestic and international lending institutions, allowing the group to secure the new facility on highly competitive commercial terms, including favourable pricing.
According to the company, with cash and cash equivalents of A$118 million as of 30 September, Macquarie Technology Group is well-positioned to complete the construction of its IC3 Super West Phase 1 project, while also having sufficient liquidity to support future growth initiatives.
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Macquarie Technology Group’s CEO and co-founder David Tudehope stated: “Following the acquisition of the Macquarie Park Data Centre Campus and the commencement of the IC3 Super West construction, we have marked another milestone with this successful debt refinance process.
“The new facility will provide the capacity and flexibility to enable us to further invest and expand our data centre business.”
He added: “We have been delighted by the outstanding interest received from domestic and international financial institutions in this process and are looking forward to building strong relationships with the new group of lenders.”
In this process, RBC Capital Markets acted as financial advisor, while DLA Piper served as legal adviser to the group.
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