Canberra Data Centers has announced the close of a US$1.8 billion refinancing. Law firm Gilbert+Tobin (G+T) revealed that it advised the Australian data center firm on the AU$ 2.7 billion (US$1.8B) refinancing. G+T also said it advised CDC on upsizing its debt facilities and its US$209.4 million (AU$308 million) US Private Placement issuance. The bank transaction involved 15 lenders across different payment cycles between two to seven years. On the other hand, the company got long-term funding with the US Private placement with 10-to-15-year tranches.
According to G+T, CDC will get additional liquidity and funding with the new financing. It also noted that it would have the required funds for future developments. G+T’s Banking + Projects Partner, Stuart Cormack, said: “It was a pleasure to assist CDC on this transformative debt financing and capital markets issuance. This transaction demonstrates that despite volatile capital markets, there is still a very strong appetite in the Australian and global debt markets for high-quality borrowers like CDC Data Centres. With the demand for data center space at an all-time high in Australia and New Zealand, and with no sign of this slowing down, CDC’s new debt structure make it exceedingly well placed to capitalize on this growth.”
CDC currently operates 13 data centers across six data center campuses in Canberra, Auckland, and Sydney. The company is also developing a new data center campus in Melbourne.
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