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A new originator and acquirer is on tap for the SDART program, and comes to market under Rule 144A, unlike previous Santander transactions.
While much of the borrowing for the AI buildout has gone toward data-center construction, increasingly large debt packages are now being arranged to finance the chips.
JPMorganChase, Goldman Sachs, Citi, Morgan Stanley, Wells Fargo and Bank of America are among the biggest backers of data centers. Community opposition isn't slowing them down, but it's making them rethink their approach to managing risks.
Classes A, B and C benefit from credit enhancement levels of 26%, 17% and 13%, respectively and have an initial loan-to-value ratio of 74%, 83% and 87%, respectively.
Ledn anticipates a virtuous cycle of funding and lending that could lead to more securitization deals.
