Milbank LLP advised Goldman Sachs & Co. LLC, Citigroup Global Markets Inc. and Deutsche Bank Securities Inc. as initial purchasers in connection with the Rule 144A / Regulation S offering by DDC 01 Propco LLC of $1.12 billion aggregate principal amount of 8.875% senior secured notes due 2031, issued on September 30, 2026. DDC 01 Propco LLC is an indirect subsidiary of a joint venture between affiliates of Blue Owl Capital Inc., Cedarwood Investment Group LP and PowerHouse Data Centers LLC.
The proceeds of the offering will be used to fund a portion of the development of a 76-MW critical IT data center in Chesterfield County, Virginia, which is fully leased under a long-term triple-net lease.
The Milbank team was led by Corporate Finance & Securities partner Jonathon Jackson and special counsel Teresa Chen along with associates Abir Varma, Kendall Langs and Kelsey Rodriguez, as well as Global Project, Energy and Infrastructure Finance partner and co-chair of Milbank’s Digital Infrastructure Practice Group Jaime Ramirez along with associate James Lim.
