Data center operator Sabey raises another $435 million
Sabey 2025-2 will feature a $24.8 million liquidity reserve among other credit enhancement mechanisms, including cash trap and early amortization triggers.
Data warehouses
Centersquare Issuer get set to issue $940 million through two series of notes
A set of performance-related triggers—cash trapping and expense reserve—will help maintain cash flow to the notes.
Moody’s issues ratings methodology for Data center ABS
The rating agency covers its bases in preparation for a surge in data center debt
By
John Hintze
CyrusOne offers $575 million in ABS, on Virginia and Texas data centers
Among the deal's main credit strengths is that the real estate assets are protected by robust physical security, and 83.5% of the tenants have investment-grade credit ratings.
Compass Datacenters readies $885 million in data center revenues
The deal will sell two series of notes from a new master trust, secured by revenues from three data centers in Phoenix and Toronto.
Sabey Center to raise $410 million in ABS from data center leases
Tenants also have a high average credit quality, with 75.9% of them having at least an investment grade rating, and lease assets underlying the class A notes have a loan-to-value (LTV) ratio limited to 70%.
CyrusOne returns to issue $488 million from its data center master trust
CyrusOne Data Centers Issuer 2023-2 adds a property in Virginia, a state that accounts for a large portion of data center locations.
DC Commercial Mortgage Trust plans to float $990 million in CMBS
The issuer underwriting (UW) rent for data center space is about 17.9% below the sponsor's market rent estimates, leaving potential opportunities for further rent revenue increases.
Aligned Data Centers presents $350 million to the ABS market
The data centers have an appraised value of $3.8 billion, with 32 tenants. S&P assigned a value of $1.8 billion to the properties, and an average cap rate of 8.7%.
DATA CNTR prepares to float $450 million off a single-borrower loan
Some 23 tenants occupy the data center complex in Illinois, which accounted for 86.7% of total square footage and 86.8% of rentable power. The property has a net operating income of $62.7 million, and cap rate of 6.70%.
Data center issuer TierPoint comes to market for the first time, raising $900 million
The deal has several performance triggers with cash trap reserves, senior note interest and expense reserves, and loan-to-value tests.
DataBank seeks $715 million, backed by data center leases and ownership interests
Among DataBank 2023-1's enhancement features is a turbo principal amortization mechanism that kicks in after the notes' anticipated repayment date.
Data-center operator marks debut securitization in $657.9M ABS deal
DataBank, sponsored by an affiliate of Colony Capital, is pooling ownership and leasehold stakes in 15 data centers in six cities, including the Salt Lake City market that is in high demand with West Coast companies diversifying and expanding data-center operations.
By
Glen Fest
CFPB to propose rules for how companies access customer data
The agency plans to issue an advance notice of proposed rulemaking dealing with efforts by fintechs and data aggregators to leverage a consumer's bank account information.
