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.
– Compass Datacenters
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.
