DataBank: DataBank raises capital for new data centers

Nov 29, 2023 | Posted by Abdul-Rahman Oladimeji

DataBank has raised $533 million of capital to build new data centers through debt and equity. This brings the total funds raised by the company this year to $1.6 billion, with  $715 million of secured notes issued in February and a $350 million credit facility announced later in March.

DataBank mentioned that it needed this new finance to meet the capacity demands of AI applications. This new funding consists of  $188m in equity raised from existing and new investors, plus a $345m construction loan for a new data center being developed in Atlanta. 

Kevin Ooley, DataBank's President & CFO, said, "This new financing will allow us to continue bringing important capacity to market to meet extremely high demand for data center space and power. The favorable loan terms and the pre-emptive rights participation of existing equity investors so soon after our recapitalization, reflect the ongoing confidence of our investment partners and their willingness to seize the growth opportunity of the AI era ahead of us."