Milbank LLP advised Galaxy Digital Inc. (“Galaxy”) in connection with the offering of more than $3.5 billion in aggregate principal amount of senior secured notes issued by its subsidiary Galaxy Helios Data Centers II, LLC. The offering was completed through a private placement to qualified institutional buyers pursuant to Rule 144A and outside the United States pursuant to Regulation S under the Securities Act of 1933. Galaxy is a global leader in digital assets and data center infrastructure, offering access to trading, advisory, asset management, staking, self-custody, and tokenization technology and developing data center infrastructure.
“This landmark transaction demonstrates Milbank’s leadership in digital infrastructure finance and the convergence of AI, high-performance computing and capital markets,” said Corporate Finance and Securities partner and practice group leader Jonathon Jackson. “A $3.5 billion project bond financing for the second phase of the Helios Campus is a first-of-its-kind transaction that required deep collaboration across our capital markets and project finance practices, highlighting the depth of our industry expertise. We expect these types of large-scale financings to define the next wave of investment in AI infrastructure.”
The proceeds from the offering will be used to finance a portion of the development and construction of a 260 MW critical IT capacity data center project in the Helios Campus.
The Milbank deal team was led by Mr. Jackson and included Global Project, Energy and Infrastructure Finance partners and co-chairs of Milbank’s Digital Infrastructure Practice Group Dan Bartfeld and Jaime Ramirez. The team also included Corporate Finance and Securities associates Moses Farzan Nekou, Ian Hunley, Siak Goh and Grace Vogel, Global Project, Energy and Infrastructure Finance associate Claudia Martin and Tax associate Michelle Song.
