Compass Datacenters has raised $413 million in new bonds backed by seven completed operational data centers.

The notes were priced in three tranches: Class A-2-I at $295 million, Class A-2-II at $68 million, and Class A-2-III at $50 million.

S&P Global Ratings published a preliminary ratings report on the transaction last week. Only the Class A-2-III notes were rated, with S&P giving an A rating to the tranche.

The A rating was based on the debt service coverage ratio of 1.69x at closing, with a positive view of the lease portfolio’s projected performance, the data centers' real estate value, and initial liquidity reserve facilities of $28.3 million, $5.2 million, and $18.5 million.

S&P also credited the manager’s and servicer’s experience and the overall structure of the transaction.

Founded in 2011, Compass has around 16 data center sites in operation or under development across the US, Europe and Israel.

The company was acquired by Brookfield Infrastructure Partners and Ontario Teachers’ Pension Plan in June 2023 for $5.5 billion.

Compass has recently faced some controversy over approvals to build a data center in Ellis County, Texas.