US operator 365 Data Centers had completed a round of debt refinancing and raised new funds.
The company announced this week it had refinanced all of its existing debt and secured additional financing commitments from TD Securities, ING Capital LLC, CIT Group, Regions Capital Markets, and Boundary Street Capital.
The company said the financing commitments come as 365 ‘plans for further internal and external growth’ but didn’t share details of its existing debt load or additional financing.
“Our demonstrated ability to finance, acquire, and integrate complementary assets into a scalable Infrastructure-as-a-Service platform while generating strong financial results rendered an attractive financing opportunity to a syndicate of lenders that are the leaders in the data center financial markets,” said Bob DeSantis, CEO of 365 Data Centers. “This refinancing, on very favorable terms, will measurably increase 365’s cash flows and secures significant funding commitments to enable us to continue to make prudent investments in support of 365’s acquisition and customer growth strategies.”
365 says it offers colocation services from 13 owned and operated facilities across the US, though its Detroit locations was sold to a real estate investor earlier this year [365 still occupies the property]. The company was acquired by private investment firm Stonecourt Capital last year; Lumerity Capital and Longboat Advisors retained a minority stake in the company. According to CrunchBase, this is 365’s fourth round of debt financing, following one in 2019 and two in 2014 that totaled $71 million.
“TD is pleased to have led this important financing for 365,” said Edward Kim, Director with TD Securities. “We have continued to be impressed by the Company’s cadence of growth, both organically and through acquisition, and we look forward to supporting 365’s management team and ownership in its next phase of expansion in the coming years.”
TD Securities served as Joint Lead Arranger, Joint Bookrunner, and Administrative Agent on the financing.
Boundary Street Capital raised $330 million for a new digital infrastructure credit fund in May. ING and TD were both part of Aligned’s $575 million May credit extension.