Switch and Data Announces $100 Million Senior Secured Financing
Switch and Data, a leading provider of network neutral data center and Internet exchange services, today announced that the company has obtained $100 million of debt financing from a syndicate of banks arranged by RBC Capital Markets. The financing will accelerate Switch and Data’s capacity expansion program including its previously announced site in Atlanta, Ga., and fund expansion in other high-growth markets.
“Improved bookings combined with increasing customer demand afford us the opportunity to accelerate our investments for growth,” says Keith Olsen, CEO and president of Switch and Data. “Network-centric companies are rolling out multiple new service offerings which continue to demand more infrastructure and interconnection capacities across more local, regional and global markets. Our company’s broad footprint of data centers and interconnection services play a crucial role in supporting the growth of these customers’ network based services.”
The $100 million is in the form of delayed draw term loans, governed by an amendment to the company’s existing credit agreement. Royal Bank of Canada will act as administrative agent and collateral agent, and RBC Capital Markets acted as lead arranger and bookrunner for the new debt financing.
