{"id":1004709997,"date":"2024-04-11T04:16:43","date_gmt":"2024-04-11T12:16:43","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004709997"},"modified":"2024-04-11T05:34:00","modified_gmt":"2024-04-11T13:34:00","slug":"databank-establishes-725m-financing-facility-for-ongoing-expansion","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/databank-establishes-725m-financing-facility-for-ongoing-expansion\/","title":{"rendered":"DataBank Launches $725M Credit Facility for Expansion"},"content":{"rendered":"\n<p>DataBank has established a new $725 million credit facility which it intends to use to finance ongoing and future data center construction projects.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004689051\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/databank-to-develop-120-mw-facility-in-atlanta\/databank-atl5-lithia-springs-ga\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/11\/DataBank-ATL5-Lithia-Springs-Ga-e1699267793660.png\" data-orig-size=\"1030,774\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"DataBank ATL5 Lithia Springs Ga\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;DataBank&#8217;s ATL5 facility will comprise two multi-story data centers ready for hyperscale deployments. Rendering courtesy of DataBank&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/11\/DataBank-ATL5-Lithia-Springs-Ga-e1699267793660.png?w=1024\" height=\"769\" width=\"1024\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/11\/DataBank-ATL5-Lithia-Springs-Ga-e1699267793660.png?w=1024\" alt=\"Rendering of DataBank's upcoming ATL5 facility.\" class=\"wp-image-1004689051\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/11\/DataBank-ATL5-Lithia-Springs-Ga-e1699267793660.png 1030w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/11\/DataBank-ATL5-Lithia-Springs-Ga-e1699267793660.png?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/11\/DataBank-ATL5-Lithia-Springs-Ga-e1699267793660.png?resize=768,577 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/11\/DataBank-ATL5-Lithia-Springs-Ga-e1699267793660.png?resize=1024,769 1024w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">DataBank&#8217;s ATL5 facility will comprise two multi-story data centers. <em>Rendering courtesy of DataBank<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>The new capital will fund ongoing expansion in existing markets, including at DataBank campuses in New York, Denver, Minneapolis, Salt Lake City and Dallas. The facility is supported by a bank group of 14 digital infrastructure banks, including TD Securities as the administrative agent and joint lead arranger.<\/p>\n\n\n\n<p>This facility closely follows DataBank\u2019s February issuance of $456 million in secured notes. The issuance qualified as a green bond based on the projects being refinanced meeting specified sustainability criteria for water conservation, carbon emissions reduction, and power usage. DataBank has a goal of being carbon neutral by 2030.<\/p>\n\n\n\n<p>This new credit facility will allow the company to meet the unprecedented AI-driven demand by shortening financing and construction timelines, especially for its recently announced projects in Northern Virginia and Atlanta.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/ai-leads-to-data-center-boost-across-markets\/\">How AI is Boosting the Data Center Market<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p>The former refers to an 85-acre campus in Culpeper, Va., that DataBank acquired in November. The property will support up to 192 MW and 1.4 million gross square feet of data center space. Just a month prior to that, DataBank announced the acquisition of a <a href=\"https:\/\/www.commercialsearch.com\/news\/databank-to-develop-120-mw-facility-in-atlanta\/\">95-acre campus in Atlanta<\/a> for the ATL5 project, capable of supporting another 120 MW and 1 million gross square feet of data center space.<\/p>\n\n\n\n<p> Once fully built out, the facilities at those two campuses would nearly double the 375 MW and 2.7 million square feet across DataBank\u2019s current portfolio of 65-plus facilities in 27 metros.<\/p>\n\n\n\n<p>For this latest financing, TD Securities was the administrative agent, joint lead arranger and joint bookrunner. Citizens Bank, CoBank, Deutsche Bank, First Citizens and Soci\u00e9t\u00e9 G\u00e9n\u00e9rale were joint lead arrangers and joint bookrunners, with JP Morgan, Nomura Securities, RBC Capital Markets and Regions Bank joining as joint lead arrangers.&nbsp; Bank of America and Goldman Sachs were co-documentation agents. Cadence Bank and Preferred Bank also supported the transaction. Jones Day was DataBank\u2019s legal advisor.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-power-shortage\">Power shortage<\/h2>\n\n\n\n<p>Investors are somewhat under-allocated to digital infrastructure, according to a 2024 outlook from CBRE, so that factor\u2014along with underlying demand for new data centers\u2014is likely to drive more institutional investment this year. CBRE predicts a 25 percent increase in new data center construction in 2024, totaling more than 3,000 MW in primary markets.<\/p>\n\n\n\n<p>Power is an issue, however, CBRE reports. \u201cConstruction completion timelines have been extended by 24 to 72 months due to power supply delays.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>An unprecedented AI-driven demand for data centers is behind this strategy.<\/p>\n","protected":false},"author":882,"featured_media":1004689051,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21755,21782,21808,21825,23891,21742],"tags":[40512,47774],"class_list":["post-1004709997","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-data-centers","category-development","category-featured","category-finance","category-national","category-latest","tag-databank","tag-td-securities"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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