Wholesale data center builder Stack Infrastructure aims to raise another $400m via a securitized note offering.

The move comes five months after it raised $325 million through a similar fashion, as well as $1.1 billion in previous issuances and investment rounds.

Stack is stacking up on cash

Stack Infrastructure
– Stack Infrastructure

The new notes will be priced at a fixed rate coupon of 1.877 percent, the lowest spread to benchmark treasury rates at the time of issuance in data center industry history.

Stack said it will use the money to fund several client-focused initiatives, including the construction of its 'Basis of Design' standard data center.

“Our latest capital raise demonstrates continued investor confidence in the company’s unwavering ability to deliver speed and scale to support the growth of our hyperscale and large enterprise clients,” said Heather Paduck, Stack's CFO.

“With cloud companies thriving like never before, Stack is well-positioned to deliver critical capacity where our clients need it most.”

Formed by investor IPI Data Center Partners with assets acquired from Infomart Data Centers and T5 Data Centers, the company has expanded aggressively in the US.

In 2020, it broke ground on an 84MW campus in Hillsboro, which will launch its first phase in Q3 this year. It is also building a 32MW multi-story data center on its campus in San Jose, California, and announced an expansion in Atlanta. The company expects to announce more expansions this year.