{"id":33654,"date":"2024-09-11T16:53:26","date_gmt":"2024-09-11T23:53:26","guid":{"rendered":"https:\/\/www.switch.com\/?p=33654"},"modified":"2024-09-12T09:28:25","modified_gmt":"2024-09-12T16:28:25","slug":"switch-secures-5-billion-in-new-debt-financing","status":"publish","type":"post","link":"https:\/\/www.switch.com\/switch-secures-5-billion-in-new-debt-financing\/","title":{"rendered":"Switch Secures $5 Billion in New Debt Financing"},"content":{"rendered":"\n

Deal includes $4.25 billion sustainability-linked borrowing base facility, along with an expanded corporate revolving credit facility upsized to $770 million, strategically positioning Switch for growth at the forefront of enterprise, hyperscale cloud and AI opportunities.<\/em><\/em><\/p>\n\n\n\n

LAS VEGAS \u2013 September 12, 2024 \u2014 <\/strong>Switch, <\/strong>a premier provider of AI, cloud and enterprise data centers, today announced that it has closed on its $4.25 billion sustainability-linked Borrowing Base Facility (the \u201cBBF\u201d) and upsized its Revolving Credit Facility (the \u201cRCF\u201d) to $770 million.<\/p>\n\n\n\n

Proceeds from the BBF, which consists of a $3.5 billion revolving credit facility and $750 million term loan, will primarily be used to fund the development of new projects totaling over $5 billion of total contract value across four campuses, as well as refinance a portion of the Company\u2019s existing acquisition debt incurred in connection with its take-private by DigitalBridge and IFM Investors in December 2022. The RCF will fund working capital and general corporate purposes. The recently completed transactions will support Switch\u2019s bookings momentum across its base of leading enterprise, hyperscale and AI customers.<\/p>\n\n\n\n

\u201cThe series of financings we have completed this year ideally position us for growth opportunities at the forefront of cloud, AI and enterprise, while affirming our commitment to sustainability,\u201d said Thomas Morton, President of Switch. \u201cWe are excited to enhance our liquidity position and support our robust development pipeline.\u201d<\/p>\n\n\n\n

\u201cThese transactions, in addition to the two successful ABS issuances earlier this year, are an important part of our overall capital formation strategy,\u201d said Madonna Park, Chief Financial Officer of Switch. \u201cHaving access to multiple sources of capital will be important to support both our stabilized portfolio of assets as well as the continued development of our exascale campuses.\u201d<\/p>\n\n\n\n

Switch has a proven history of responsible growth and has embedded sustainability into its financing strategy by tying financial outcomes to measurable sustainability progress.<\/p>\n\n\n\n

The BBF will be sustainability-linked and align with sustainability-linked loan principles.<\/p>\n\n\n\n

\u201cThis was a very successful syndication, with over 25 banks participating across both capital raises, and we were able to upsize the transactions by over 40%,\u201d said Jesse Burros, Chief Investment Officer of Switch. \u201cCombined with the depth of our development and sales pipelines, our relationships across the financial community are highly strategic, and we value the support shown on these and other financings.\u201d<\/p>\n\n\n\n

In connection with the BBF transaction, J.P. Morgan and TD Securities served as Co-Structuring Agents and Joint Lead Arrangers, with ING Capital and TD Securities serving as Co-Sustainability Coordinators. TD Securities served as Left Lead Arranger on the RCF transaction and is the Administrative Agent for both the BBF and RCF.<\/p>\n\n\n\n

Milbank was legal advisor to Switch, and Paul Hastings was lenders\u2019 counsel on the BBF and RCF transactions.<\/p>\n\n\n\n

###<\/p>\n\n\n\n

About Switch<\/strong><\/p>\n\n\n\n

Switch was founded in 2000 by CEO Rob Roy and stands at the forefront as the premier data center designer, builder and operator, owning 100% of its land and facilities. As the AI, cloud and enterprise data center experts, Switch delivers unparalleled solutions for the most discerning clients worldwide. With a commitment to robustness, scalability and sustainability, Switch offers a comprehensive portfolio encompassing highly dense, liquid-cooled AI environments, hyperscale cloud infrastructure and industry-leading, highly secure enterprise data centers. To learn more, visit switch.com<\/a> and connect with us on LinkedIn<\/a>, Facebook<\/a> and X<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Deal includes $4.25 billion sustainability-linked borrowing base facility, along with an expanded corporate revolving credit facility upsized to $770 million, strategically positioning Switch for growth at the forefront of enterprise, hyperscale cloud and AI opportunities. LAS VEGAS \u2013 September 12, 2024 \u2014 Switch, a premier provider of AI, cloud and enterprise data centers, today announced […]<\/p>\n","protected":false},"author":1,"featured_media":33657,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[136],"tags":[],"class_list":["post-33654","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-press-release"],"acf":[],"yoast_head":"\nSwitch Secures $5 Billion in New Debt Financing<\/title>\n<meta name=\"description\" content=\"Deal includes $4.25 billion sustainability-linked borrowing base facility, along with an expanded corporate revolving credit facility upsized to $770 million, strategically positioning Switch for growth at the forefront of enterprise, hyperscale cloud and AI opportunities.\" \/>\n<meta name=\"robots\" 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